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CASE STUDY
JFrog, a provider of DevOps software

JFrog is an enterprise-software provider in the DevOps market. Its tools enable software updates to flow seamlessly and securely from the developer’s keystrokes into production.

Background:

Battery General Partner Dharmesh Thakker had a longstanding relationship with JFrog’s founder and CEO Shlomi Ben Haim, dating back to Thakker’s previous role at Intel Capital. In 2016, Thakker led Battery’s investment in JFrog’s series C financing round. Ben Haim was interested in working with Battery due to the firm’s domain expertise in open-source and cloud software; in addition, as a hybrid US-Israeli company, Battery’s senior-level presence in both markets, and its ability to help with R&D team building in Israel as well as with CIO introductions and go-to-market execution in the U.S., was attractive to the company.

Battery’s Impact:

  • Becoming involved with JFrog while its revenue was still in the mid-teens, Battery took an active role in both the company’s senior-level sales and marketing hires as well as implementing best practices to scale the business. Battery advised on areas such as the company’s U.S. expansion–including moving from bottoms-up, developer-led product adoption to enterprise sales–and the scale of the company’s sales and marketing functions, setting the foundation for a strong, go-to-market function which grew the business 10X ahead of its IPO in September 2020.
  • CEO Shlomi Ben Haim was also very calculated in driving JFrog’s growth, taking pride in steady, consistent growth with positive cash flows versus burning large amounts of money to achieve ‘growth at all costs’. Battery helped support Ben Haim’s ethos by advising on calculated business investments to drive growth while maintaining profitability.
  • Battery was also actively involved in JFrog’s IPO preparation, from analyses for the business to working on its independent board-member search.

Outcome:

JFrog went public in September 2020, listed as FROG on the NASDAQ. Battery is committed to JFrog as a long-term partner and plans to be involved with the company for the long run as the company grows and penetrates new target markets.

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Past performance is no guarantee of future performance and there can be no assurance that Battery or its portfolio companies will achieve comparable results.

Details
Focus area
Infrastructure Software
INVESTED
2016
STATUS
NASDAQ: FROG
Location
Santa Clara, California
STAGE
Growth
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