Codacy, winner of the 2014 Web Summit Beta Pitch Competition, with offices in Lisbon, London and San Francisco, has raised a € 1 million seed round, led by Caixa Capital, with participation from current investors Faber Ventures, E.S. Ventures, Join Capital and angel investor Henrique de Castro, the former COO of Yahoo.
Codacy is an automated code review tool that allows developers to save time and tackle technical debt efficiently. Codacy tracks new issues by severity level for every commit and pull request, and allows a hassle free customization of static analysis, providing advanced code metrics on the health of a project and on the performance of teams.
It is estimated that developers spend between 20%-50% of their time on tasks related to code review, representing an estimated annual cost of USD 60 billion to the software industry in the US alone. As a result, the market for security testing and code review has gained relevance in recent years, estimated at USD 2.5 billion in 2014 and expected to grow 15% annually over the next five years.
Stephan Morais, Executive Director of Caixa Capital, stated that “We look forward to working with the Codacy team to help it stake its claim as the market’s preeminent automated code review platform”
Jaime Jorge, founder and CEO of Codacy, affirmed that “We are grateful to Caixa Capital’s leadership role in helping us raise this round, which has provided us with the necessary resources to extend our reach and better serve developers with their code review needs”.
Caixa Capital – www.caixacapital.pt
Caixa Capital is the Private Equity and Venture Capital fund management company of Portugal´s largest banking group Caixa Geral de Depósitos, present in over 20 countries and with assets above 120 billion Euros. With a total of close to 750 million Euros under management, the largest and most relevant in the country, Caixa Capital invests in growth equity and venture capital opportunities and funds. The Venture Capital team partners with incubators, accelerators and business angels for seed and startup investments and with major international venture funds for opportunities above 1 million Euros. The team aims to support global expansion of Portugal related teams and companies and has dedicated team members to ICT, digital, health tech, engineering and clean tech investments
Codacy – www.codacy.com
Codacy is an automated code review tool that helps developers to save time in code reviews and to tackle and manage technical debt. Codacy tracks new issues by severity level for every commit and pull request and allows a hassle free customization of static analysis. It provides advanced code metrics on the health of a project and on the performance of teams.