Kandji, a notable Apple device management platform, recently secured a momentous $100 million funding from investment giant, General Catalyst. This latest round of funding brings their total backing up to an impressive $188 million and their overall capital to a whopping $288 million, raising their company valuation from $800 million to a solid $850 million.
Founded in 2019, Kandji specializes in IT management for Apple devices within businesses. In just a short span of time, it has reported a tremendous 600% surge in annual recurring revenue (ARR) and expanded its client base to 4,000 worldwide. Riding high on its success, Kandji has broadened its scope to include security, compliance, and operational efficiency for Apple product networks.
Of Kandji’s staggering success, CEO Adam Pettit detailed that around 30% of the company’s revenue and customer base are from outside North America. This fact augments the company’s competitive positioning in the global market, made possible by innovative approaches towards product development and robust business strategies. Furthermore, Pettit conveyed a positive outlook for future growth and further market penetration.
In a bid to maintain its competitive edge, Kandji has also introduced endpoint security to its services, considered by Pettit as a significant driving force to their increasing ARR.
Kandji’s significant funding boosts valuation
Enhancements like data protection and risk management measures are also being incorporated to reinforce the company’s commitment to providing well-rounded IT solutions. Pettit envisions these improvements as a pathway to further growth in recurring revenue, thereby adding immense value to their clients.
Despite strong competition from tech corporations like Apple and established MDM vendors, Pettit remains optimistic about the future of Kandji. He recognizes that their high-quality offerings and superior customer service continually secure them a firm position in the market. As Pettit further highlighted, the robustness of their business strategy, which aims to expand product offerings and elevate customer experience, aids their growth consistently.
Facing the challenging economic environment of 2021 marked by low-interest rates and inflated valuations, Pettit views Kandji’s stable valuation as a landmark of success. The latest funding allocation, split between equity and debt, is intended to boost sales and marketing endeavors. The steadily increasing revenue of the company will eventually repay the portion set aside for debt.
