H.I.G. Growth Partners Completes Growth Investment in ProsperOps

SAN FRANCISCO – February 23, 2023 – H.I.G. Growth Partners (“H.I.G. Growth”), the dedicated growth capital investment affiliate of H.I.G. Capital, is pleased to announce that it led a $72 million investment in ProsperOps (“ProsperOps” or the “Company”), an autonomous cloud cost optimization platform. ProsperOps delivers best-in-class return on investment on cloud spend, unlocking maximum value and savings outcomes for companies building in the cloud. The investment enables ProsperOps to further scale its platform capabilities, engineering, and go-to-market teams, as well as expand from Amazon Web Services (AWS) to additional cloud providers. 

According to the FinOps Foundation’s “2023 State of FinOps” report, a top FinOps challenge cited is developing creative ways to reduce cloud spend, as up to one third of cloud spend is estimated to be wasted. ProsperOps removes the burden on developers by autonomously managing Savings Plans and Reserved Instances across compute services such as Amazon Elastic Compute Cloud (EC2), Fargate, and Lambda. FinOps and finance teams further benefit with clear ROI, showback, and savings performance benchmarks.

Today, ProsperOps administers savings for nearly $800 million of compute usage and analyzes nearly 20 million customer environment changes per month for some of the world’s leading born-in-the-cloud businesses, including Coinbase, Drift, and Wix. ProsperOps only makes money when customers save money with its “savings as a service” model based on the cloud cost savings generated by the platform. On average, ProsperOps customers achieve a savings of 40%.  

Chris Cochran, CEO of ProsperOps said, “Cloud waste is rampant and holistic optimization requires an automated approach. The scale and complexity of this problem necessitates an algorithmic rather than a human solution. We’ve been profitably growing the business by triple digits, and the backing from our investors enables us to fully pursue the market opportunity. We look forward to expanding our customer reach and cost optimization platform so every business can prosper in the cloud.”  

Ross Hiatt, Managing Director and Co-Head of H.I.G. Growth said, “The ongoing tailwinds driving public cloud adoption present an exciting opportunity to invest, and ProsperOps is particularly unique in its ability to help customers get the most out of public cloud at a time when every dollar counts. I’m looking forward to leveraging H.I.G.’s capabilities and relationships to further accelerate the Company’s strong momentum.”