JFrog Raised Funds According to a $1.5 Billion Valuation, Says Senior Executive

Code management startup JFrog Ltd. has recently raised a small round—intended to finance the repurchase of employee shares—that valued the company at $1.5 billion, a senior company executive told Calcalist Sunday on condition of anonymity. The senior executive spoke to Calcalist following reports published Sunday morning by Israeli media that the company is planning an initial public offering in 2020 according to a $1 billion valuation.

In October 2018, JFrog announced the completion of a $165 million funding round led by New York-based Insight Venture Partners, which valued the company at $1 billion. Geodesic Capital and Spark Capital also participated in the round, joined by existing investors Dell Technologies subsidiary VMware Inc., Battery Ventures LP, Scale Venture Partners, Gemini Israel Ventures, and Qumra Capital Management Ltd.

As Jfro

g’s now-revealed round was made at a higher valuation, it is unlikely an IPO will value JFrog at $1 billion, as was reported.

Founded in 2008 by CEO Shlomi Ben Haim, Yoav Landman, and Frederic Simon, JFrog develops tools designed to streamline the coding process and automate software updates.

Approached for comment, a spokesperson for JFrog told Calcalist that the company denies all recent reports regarding its IPO. The reports and the numbers stated are the writers’ own opinion, the spokesperson said.