Vega Cloud completes $9M funding round
Liberty Lake company to scale up cloud-storage optimization effortsSeptember 28th, 2022
Liberty Lake Cloud Inc., which does business as Vega Cloud, has completed a $9 million funding round, the company announced this afternoon.
The investment is expected to enable Vega Cloud to scale up its production development and to meet increasing market demand in FinOps, which involves automating cloud optimization and helping clients make decisions on cloud-storage spending.
Kris Bliesner, CEO of Vega Cloud, declines to disclose annual sales figures, but he says the company’s revenue is growing by more than 500% this year compared with 2021.
With the support of the current group of investors, he says, “Vega can continue to help more companies to optimize their cloud usage and minimize their cloud spend.”
Album VC and Sun Mountain Private Credit led the current round of funding. Spokane-area ventures investing in Vega Cloud through the current funding round include Kick-Start Angel Investment Funds, Cowles Co., and Rudeen & Co.
Bliesner says the funding round is the second since he and five former co-workers from cloud computing company 2nd Watch Inc. launched Vega Cloud in April 2020. In the first round, the startup received $2.3 million from Kick-Start and others.
After the current round, investors own 60% of Vega Cloud, and employees own the remaining 40%.
The company employs 30 people, up from 24 earlier this year. About half of the company’s staff works in its offices at the Liberty Lake Portal building, at 23403 E. Mission, with the balance working remotely.