Styra has raised a $40 million Series B funding round led by Battery Ventures with participation from previous investors, A. Capital, Unusual Ventures, and Accel, as well as new investors at Capital One Ventures and Citi Ventures. With this funding, Dharmesh Thakker, General Partner at Battery Ventures, will be joining the Styra board.
The latest round provides capital to accelerate its founders’ vision—to create the standard for authorization—which started with OPA.
OPA has now reached the point of over one million downloads per week. Styra has also seen exponential business traction in 2020, achieving 300% customer and commercial growth year-over-year, and 90% headcount increase.
With this funding, Styra will double its current team by the end of 2021, initially in its product management, customer success, open source and go-to-market departments. The team will support enterprise deployments as well as ramp up business development and ecosystem partnerships.
Additionally, the company plans to invest in employee career growth, people operations and diversity—ensuring it is bringing both cultural diversity and broad industry experience into the organization.
From a product perspective, the company plans to utilize this funding to enhance Styra DAS with new policy-as-code use cases across the cloud-native stack, and expand integrations with key technology partners.
Additionally, Styra will expand its open source and developer advocacy team, ensuring OPA users find success at every stage of their journey.