Puppet announces $40 million debt round from BlackRock – TipsClear
Portland, Oregon-based infrastructure automation company Puppet today announced a $ 40 million loan round from Blackrock Investments.
CEO Yvonne Wassenaar says the company sees this date round as part of a long-term relationship with BlackRock . “What’s interesting, and I think that’s part of the reason why we decided to go with Blackrock, is it usually when you see how they invest that’s the first of a long-term relationship The move is what we will have over time. Various elements that we can tap into as the company’s scales, “Wassenaar told TipsClear.
In terms of the arrangement, instead of taking a stake in the Blackpawk company, the puppet will return the money. “We will pay back over time the amount of money borrowed.” Blackrock has a board supervisor seat, and this is really because they are very interested in working with us on how we grow and accelerate the business, ”said Wassenaar.
Puppet was in the process of rebuilding its executive team with Wassenaar about 18 months ago. Last year he brought in industry giants Eric Freiburg and Paul Heywood as CMO and CRO respectively. This year he brought former Cloud Foundry Foundation director Abby Kearns to become CTO.
All these moves, says Wasenar, are an eye for future IPOs. “We’re looking at how we ultimately move forward, ideally on a path to an IPO, and what it takes for a puppet to get through that journey,” she said.
She explains that in some ways, the epidemic has forced companies to look more closely at automation solutions such as Puppet provides. “What’s really interesting […] He said that in many ways, the epidemic has set our sail in order to meet the need of corporations to think about how they benefit and move from a technology point of view, ”she said. .
As puppet development continues, she says that diversity is a core organizational value, and while the company has progressed from a gender perspective (as illustrated by her and Kearns’ presence in the C Suite), they still Working is more racially diverse.
“Where I agree that we have too much work and too much focus right now that’s further complementary [gender diversity] From a racial perspective. This is an area that I have taken personally, and I am committed to making changes in the company as we move forward to support more racial diversity, ”she said.
The company previously raised nearly $ 150 million in 2018, with the most recent round being a $ 42 million Series F according to Crunchage data. The company first loaned $ 22 million in 2016 before Wassenaar came on board.