Testlio Raises $12M to Grow Its Networked Software Testing Platform
Testlio, which tests software for some of the biggest digital companies in the world, announced Tuesday that it raised $12 million in Series B financing to grow its networked testing capabilities and its sales presence.
The Austin-based company helps clients such as Fox, Microsoft, the NBA, Netflix and SAP release better products faster through on-demand testing on any device, in any location and in any language.
Testlio said in a statement that the demand for software testing has “skyrocketed” as product and engineering teams find themselves under pressure to develop products under tight timeframes and an expectation of high-quality user experiences.
“Our clients deliver better digital experiences thanks to the networked testing model,” Testlio CEO Steve Semelsberger said in a statement. “Further, it is clear to me that the demand for more impactful software testing is hitting an inflection point.”
Testlio has increased its workforce by 100 percent year over year, with a current headcount of 158 full-time employees. The company expects to grow its headcount by another 79 employees in 2022. The company is currently hiring for more than 30 full-time positions.
The company is distributed by design, with full-time employees around the world and more than 10,000 freelancers testing products from more than 150 countries. The company is always hiring freelance software testers.
The $12 million Series B round comes on the heels of $7.5 million in seed and Series A funding.
Testlio said its annualized revenue run rate is more than $20 million this year. The company said it has increased revenue by 50 percent year over year, and has been profitable for 10 straight quarters.
The fresh funding will be used to expand client services, deepen platform capabilities, fuel brand awareness and expand its sales footprint to new territories. The funding round also included secondary proceeds for veteran Testlio employees at all levels.
The oversubscribed round was led by Spring Lake Equity Partners and included participation from Series A co-leads Altos Ventures and Vertex Ventures US. With the round, Jeff Williams, partner at Spring Lake Equity Partners, joins Testlio’s board of directors.