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March 25, 2021
Partnership Fund for New York City, Outrun Ventures, Cris Conde, Gokul Rajaram, and Andy Brown join Cutover’s Series B financing as the company responds to growing demand for enterprise-wide orchestration
London, UK – March 25, 2021 - Cutover, the first enterprise-wide work orchestration and observability platform that enables seamless human and machine collaboration, today announced the final close of its $35 million Series B financing round, led by Eldridge and joined by investors Index Ventures, Sussex Place Ventures and Contour Ventures following on. The close brings together investment from Partnership Fund for New York City and Outrun Ventures, together with investors Cris Conde, Gokul Rajaram and Andy Brown.
Having broken the news of its Series B initial funding earlier in March, the close of Cutover’s investment round will allow the organization to ramp up product, engineering and customer service capabilities as the company’s clients continue to rely on Cutover to automate and orchestrate critical, timebound work across the enterprise, delivering complex releases, operational resilience and attaining constant availability of applications. The investment allows Cutover to double its capacity in engineering and product, building an evolving platform best suited to the rapid pace of change in today’s industry. Focus areas include incident response and operational risk, providing increasing open API connectivity to allow customers to easily incorporate Cutover into wider workflows and enhancing its integrations.
“The pressure on business leaders to deliver more change at a faster pace, and with more resiliency, is not new. Now, Cutover customers have a vehicle to accelerate the potential of human and machine collaboration to respond to that pressure, enabling them to plan and orchestrate complex work across the enterprise in an observable way.” says Ky Nichol, Cutover CEO. “As we see digital transformation and the drive to move work from analogue to digital rising up the C-Level agenda, we are excited to support our customers in rising to these challenges and distinguish them from the competition. Cutover is proud to provide the world’s first platform capable of end-to-end, observable work orchestration and this Series B financing will allow us to drive our capabilities to the next level, all the while allowing customers to generate efficiency, visibility and control with confidence. We’re looking forward to expanding into new verticals, enhancing our product capabilities, increasing our customer service capabilities and providing the vehicle for the future of work.”
“Since graduating from our FinTech Innovation Lab in 2018, Cutover has successfully expanded its customer and funding base, a clear sign of how it helps organizations implement critical digital transformation and tech strategies,” said Maria Gotsch, President and CEO of the Partnership Fund for New York City. “We’re excited Cutover has chosen to expand its footprint in New York City, becoming the latest in a series of fintech companies to set roots and grow here. The fintech community continues to flourish in New York and will play a key role as the city recovers from COVID-19.”
The close of this financing round is an important milestone in accelerating the company’s commitment to customers and ability to provide the springboard for managing complex work confidently and at pace. The organization’s growth trajectory and innovation potential would not have been possible without the support from Cutover’s expert investors: Michele Trogni, Eldridge, Carlos Gonzales Cadenas, Index Ventures, Barnaby Terry, Sussex Place Ventures, Matt Gorin, Contour Ventures, Chris Adelsbach, Outrun Ventures, Cris Conde, Gokul Rajaram, and Andy Brown.
Cutover is the leader in Work Orchestration and Observability, enabling teams to plan, orchestrate, and analyze complex work faster, smarter, and with greater visibility.
The Cutover platform, developed with decades of experience in managing operational resilience, technology delivery and release, transformation, and business change initiatives, enables organizations to move quickly with confidence.
Trusted by leading global firms and institutions including Accenture, Barclays, and Deloitte, we are on a mission to enable greater business outcomes by orchestrating humans and
machine automation in a new model of working.
About the Partnership Fund for New York City
The Partnership Fund for New York City is the $175 million investment arm of the Partnership for New York City, New York’s leading business organization. The Fund’s mission is to engage the City’s business leaders to identify and support promising entrepreneurs—in both the for-profit and nonprofit sectors—to create jobs, spur new business and expand opportunities for New Yorkers to participate in the City’s economy. As an “evergreen” fund, realized gains are continuously reinvested. The Partnership Fund Board is led by Co-Chairmen, Tarek Sherif and Sanjay Swani. Maria Gotsch, President and CEO, leads the team.
About Outrun Ventures
Outrun Ventures is a leading investor in early and growth stage fintech companies in the UK and Europe. The partners behind Outrun have invested in over 100 fintech companies since 2014 in verticals ranging from reg-tech, payments, insurance, and B2B SaaS. Outrun is led by partners, Chris Adelsbach and Tariq Khan.