Split raises $50M in a Series D by Owl Rock

SaaS News - Split raises $50M in a Series D by Owl Rock (source: SaaS Industry)
At a Glance

Split, a platform for developing and testing features, has received $50M in a Series D round led by Owl Rock. The additional funds will be utilized to assist the company in accomplishing its global expansion ambitions, allowing for more development agility and data-driven innovation on a broad scale.

Split, a feature delivery and experimentation platform, has announced $50 million in a Series D funding round led by Owl Rock, a division of Blue Owl Capital. Other participants include Northgate Capital and existing investors, including Accel, Lightspeed Venture Partners, Harmony Partners, Microsoft’s venture capital fund M12, Atlassian Ventures, and ServiceNow. Split has raised $110 million in total capital, including $83 million raised last year.

The funds raised in this round will be utilized to carry out the company’s global expansion goals, including enabling development agility and data-driven innovation at scale. Split’s industry-first feature delivery and experimentation platform will focus on product innovation, bringing to market new capabilities that software development teams need to swiftly build new features, make educated product decisions, and produce customer value with each release. 

Split will make worldwide investments to continue delivering world-class service and support to global customers such as ABN AMRO Bank, Qantas, Cazoo, Naranja, Swedbank, Mobiliar, and ABYAT as expediting go-to-market operations to satisfy the growing demand for its platform.

Development agility and safety aren’t enough to compete in today’s digital world. Feature flags bring enormous speed and control, but feature monitoring and experimentation is what drives business impact. Split brings together feature flags and data, enabling enterprises around the world to experiment and innovate their way to success. With this new round, we are doubling down on data as an integral part of the feature delivery lifecycle, and I am excited to see how our team and product evolve to achieve this.

Brian Bell, CEO of Split

Split helps product and engineering teams decrease the risk and delays associated with software releases and avoid wasting resources on features that detract from the user experience. Too frequently, teams spend release nights handling merge conflicts and bug fixes without understanding how their new features will affect consumers or the company. These teams may use Split’s feature delivery platform to use feature flags to ensure smooth releases and experiment at each stage to see how it affects critical performance and business KPIs. This allows teams to spend more time developing meaningful features and less time properly deploying code to production.

Split is emerging as the center of a growing ecosystem of partners who depend on us to provide feature context and control. Today roughly two-thirds of our customers integrate Split with one of our technology partners. We intend to invest more in building these alliances and integrations to ultimately deliver greater value to enterprise customers.

Trevor Stuart, president and co-founder of Split

The demand for these solution capabilities has seen increased growth in the enterprise, as organizations move towards highly-iterative, continuous development cycles to stay ahead of their competition and push product innovation. There is a substantial market opportunity for Split given that organizations across most industries and scale size need to prioritize their digital interactions with end-customers to retain and drive new revenue.

Pravin Vazirani, managing director, Owl Rock
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