Unicorns

Scoop: App-testing specialist HeadSpin seeks unicorn valuation in new round

November 15, 2019
Mobile app-testing startup HeadSpin is raising a fresh round of funding that would value the company at up to $1.2 billion, according to a regulatory filing reviewed by PitchBook. 

That would more than double the valuation that HeadSpin received in a funding round last year.

Final terms and details of the Series C financing haven't been announced and are subject to change, but the filing indicates the deal would raise as much as $75 million. Representatives of HeadSpin, based in Palo Alto, didn't immediately respond to a request for comment.

Backed by investors including Battery Ventures, GV and Iconiq Capital, HeadSpin's valuation leaped to $510 million in a round last year. The company has previously raised an estimated $31 million since it was founded in 2015.

Customers of HeadSpin use its technology to test and monitor apps in real time to shorten their product-release cycles. The company has listed Tinder, DocuSign, Pinterest and Airbnb among its customers.

Co-founder and CEO Manish Lachwani previously co-founded Appurify, a platform for software developers to test apps and websites. Google acquired Appurify in 2014.

HeadSpin's advisory board consists of business-software veterans Cloudera CEO Tom Reilly, AppDynamics founder Jyoti Bansal, and BV Jagadeesh, founder of Exodus and NetScaler

Other players in the app-testing industry include Amazon's AWS Device Farm and Google's Test Lab, which both focus on automated performance tests. 

Featured image via Unsplash.
 

Related content