Venture Capital

Split Scoops Up $50 Million Series D

REDWOOD CITY — Split, a feature delivery and experimentation platform, has scooped up $50 million in Series D funding led by Owl Rock, a division of Blue Owl Capital, with participation from Northgate Capital and existing investors including Accel, Lightspeed Venture Partners, Harmony Partners, Microsoft’s venture capital fund M12, Atlassian Ventures, and ServiceNow. This latest round of investment brings Split’s total funding to $110 million of which $83 million was raised within the past year.

The primary focus for new funding will be product innovation for Split’s industry-first feature delivery and experimentation platform, bringing to market new capabilities that software development teams need to rapidly develop new features, make informed product decisions, and generate customer value with every release. Split will be investing to accelerate go-to-market functions to meet surging demand for its platform, including international investments to continue providing service and support to global customers such as ABN AMRO Bank, Qantas, Cazoo, Naranja, Swedbank, Mobiliar, and ABYAT.

“Split has built a category-defining platform that brings best-in-class data ingestion and experimentation capabilities into DevOps to help measure feature impact and improve end-customer experiences,” said Andy Lefkarites, an investor at Owl Rock, in a statement.

In less than a year since its Series C funding, Split has seen massive growth with sales doubling and its global workforce growing by over 70%. The new funding comes as the company sets its course for sustained growth and increasing customer demand. Earlier this year, Split was named in the inaugural industry report The Forrester New Wave: Feature Management and Experimentation, Q2 2021. According to the report, authored by Christopher Condo, Principal Analyst at Forrester, “Moving forward, expect feature management and experimentation products to be the latest must-have DevOps tools to help teams not only create faster release cycles but also do so while staying completely connected with the customer.”

Split solves major challenges for the enterprise, helping product and engineering teams reduce risk and delays around software releases, and prevent wasted resources on features that detract from the customer experience. Too often, teams spend release nights resolving merge conflicts and troubleshooting bugs with no insight as to how their new features will impact customers or the business. With Split’s feature delivery platform, these teams can leverage feature flags to ensure smooth releases and experiment at each stage to measure the effect on key performance and business metrics. This allows teams to spend more time innovating on impactful features and less time pushing code safely to production.

“Development agility and safety aren’t enough to compete in today’s digital world,” said Brian Bell, Split CEO. “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.”

“Split is emerging as the center of a growing ecosystem of partners who depend on us to provide feature context and control,” said Trevor Stuart, Split President and co-founder. “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.”