Testlio Gets $12 Million in Series B Financing

Testlio networked testing company has announced that it has closed $12 million in Series B financing. The round was led by Spring Lake Equity Partners and was oversubscribed. It included participation from Series A co-leads Altos Ventures and Vertex Ventures US.

Testlio has exceeded a $20 million annualized revenue run rate this year after previously raising only $7.5 million in Seed and Series A capital. The company has increased revenue by 50 percent and employees by nearly 100 percent year-over-year. Testlio also delivered net income profitability for 10 straight quarters. The new capital will be used to expand client services, deepen platform capabilities, fuel brand awareness, and drive geographic sales expansion. Additionally, the round included secondary proceeds for veteran Testlio employees at all levels.

Demand for a more impactful approach to software testing has skyrocketed with the unprecedented proliferation of digital technologies. Product and engineering teams are under pressure to increase development velocity and deliver exceptionally high-quality user experiences. Testlio helps clients such as Fox, Microsoft, the NBA, Netflix, and SAP release better products faster via burstable, on-demand testing on any device, in any location, and in any language. Testlio currently has more than 30 open full-time positions and is constantly welcoming expert software testers to join their freelance network.

About Testlio

Testlio is the originator of networked testing. Our award-winning combination of platform, freelancers, and services enables you to deliver great customer experiences—fast. In any location. On any device. In any language. The company is distributed by design, with full-time people around the world and part-time freelancers in over 150 countries. Clients include Amazon, American Express, Fox, Microsoft, Netflix, the NBA, SAP, ViacomCBS and many more.