Mendix, an aPaaS vendor, or cloud-based app builder platform for the enterprise, has closed a $25 million Series B round intended for funding continued global expansion, product development and sales.
Boston based Battery Ventures led the funding round. Prime Ventures that led the $13 million Series A round back in 2011 also participated. Mendix was founded in Rotterdam in 2005 and is now headquartered in Boston.
Mendix’s platform aims to make it faster and easier for businesses to develop, and manage mobile and web apps by simplifying the work processes in each of these specific instances. The company claims its platform enables business applications to be developed and deployed up to ten times faster than “traditional” development methods, ‘driving ROI in days or weeks’, instead of months.
Mendix’s application Platform as a Service (aPaas) is used by ‘hundreds’ of large global enterprises including GE, ABN Amro, Dun & Bradstreet, Genzyme, KPN, Liberty Mutual, TNT and Roche.
In order to ramp up the company’s activities it aims to increase its 150 strong employee base to 250 by the end of this year. Half of them will be based in Europe, primarily Rotterdam, where the company’s product development division is located. The other half will be based in Boston.
In the funding statement Derek Roos, CEO and co-founder of Mendix, said they chose to partner with Battery Ventures because of their ‘tremendous track record in helping companies accelerate growth and market leadership.’
Michael Brown, General Partner at Battery Ventures, stated that it was clear from the beginning that Mendix represents an exceptional opportunity: ‘The right team and the right product at the right time.’ “We are impressed with the company’s vision and execution, strong revenue growth and phenomenal customer success rate. The aPaaS market is currently wide open, and we believe Mendix is well positioned to be the dominant player.”
Photo Credit: Chris Ford