Developer Software Maker Sentry Triples Valuation to $3 Billion

The company said it raised $90 million in a new round of funding.

At a time when valuations in the broader private market are cooling, the total gathered to date is $217 million. The round was co-led by BOND and Accel, with participation from existing investor NEA as well as new investor K5 Global.

Performance monitoring for applications can be done with Sentry. Errors and slow database queries can be resolved with its platform. It has customers such as Peloton Interactive Inc. It is used by 3.5 million developers.

One of the company's early investors, Dan Levine, said that the company was able to increase its valuation because of its growth. He said that everyone seems to use this thing in the developer industry. Levine expects the company to grow organically and through acquisitions.

Jay Simons, a general partner at BOND, said he was optimistic that Sentry could one day be a public company like Atlassian Corp., where he was president during its initial public offering. He said that his experience at Atlassian helped him learn more about the developer community and how large the potential market is.

There is a need for application-related developer tools because everything is software-driven these days. He said that the company will be expanding in Europe.