In addition to its own team of 150 or so, the company now commands an army of 10,000+ vetted freelance testers across 150 countries around the world. The company today announced that it has closed $12 million in Series B financing. The company wouldn’t give a precise valuation, but Semelsberger suggests that the valuation for its series B was north of $100 million. Testlio’s CEO Steve Semelsberger. Image Credits: Testlio“We’ve been profitable for 10 quarters, and actually had 75% of our cash from the Series A round,” explains Semelsberger, who highlights that the company is aiming to invest heavily in R&D for a while to focus on rapid growth. The company has increased revenue by 50% and employees by nearly 100% year-over-year. The company makes the case that demand for a more impactful approach to software testing has skyrocketed with the unprecedented proliferation of digital technologies, and that product and engineering teams are under pressure to increase development velocity and deliver exceptionally high-quality user experiences. As part of the fund-raise, the company carved out a significant pay-out to its existing employees. “The idea came from experiences that a number of us have had, where sometimes it does take a while for a company — especially a company that is as intentional as ours — to reach liquidity. In addition to hiring and building out the sales org, the company is planning to invest in its own platform, designed to make complex testing processes easier to manage and resource. “That team has created a system that manages the workflow of testing itself: test-case test definition, integration between manual and automated testing, and it’s also very much a logistics management system.”“Testlio is exactly the kind of company that Spring Lake Equity Partners loves to work with: growing, capital-efficient, innovating effectively and in the middle of a massive market,” said Jeff Williams, partner at Spring Lake Equity Partners.