Published in


HashiCorp: The Dawn of HCP

By Tom Loverro, Sandy Miller, Steve Harrick, and Michael Miao

Congratulations to HashiCorp CEO Dave McJannet and founders Mitchell Hashimoto and Armon Dadgar and the entire HashiCorp team and community on the company’s IPO today. We’re honored to be part of the journey.

HashiCorp helps companies operate in the cloud with consistency and automation. HashiCorp products are compatible with any environment, and that allows HashiCorp to provide users with a consistent way to manage security, networking and operations across an organization’s multi-cloud and on-premises environments. For enterprises such as Autodesk, Bank of America, Comcast, General Motors, Goldman Sachs and Stripe, HashiCorp’s software is critical to achieving the cloud operating model. Today, HashiCorp is at incredible scale with $259M in revenue in the last twelve months, greater than 2,100 customers, and over 1,400 employees.

When we first invested in HashiCorp, leading the Series D in 2018, we that made us especially excited, namely:

  1. Incredible tailwinds from enterprises moving toward heterogeneous multi-cloud and hybrid-cloud environments
  2. Massive open source adoption by practitioners
  3. Visionary Founders and CEO
  4. Long-term outlook of the entire team

As 2021 draws to a close, all four of these elements are as true today as they were in 2018, but the market for cloud computing has expanded massively and with it the opportunity for HashiCorp. Today, multi-cloud environments are the dominant form of commercial digital operations. HashiCorp’s technology, which continues to be available open source, is loved by practitioners across the world for workflows to provision, secure, connect and run any infrastructure for any application. HashiCorp’s open source products are among the most downloaded of any on earth. Last but certainly not least, the HashiCorp team continues to lead with incredible vision and execution.

While our thesis from 2018 remains intact, a lot has changed for HashiCorp since 2018. There is undoubtedly no greater change than its own move to the cloud. HCP is HashiCorp’s ticker but it is also the name of HashiCorp’s most important new product, HashiCorp Cloud Platform (HCP). HCP privately about 18 months ago but is just now coming into its own as its functionality has increased. HCP is the future of HashiCorp and the future of the cloud operating model. HCP presents practitioners with fully managed infrastructure from a central point and allows companies to build cloud-native applications that can run anywhere while relying on HashiCorp to manage the infrastructure. HCP is of course the natural evolution for software that has helped define the cloud era.

As we watched the bright and bold letters “HCP” rise up like the sun on a new day over Times Square outside of Nasdaq today, it felt a fitting symbol for the dawn of the next era for HashiCorp — HCP, the public company and HCP, the product.

We’re excited to see where this incredibly talented team and once in a generation company can go in the days and years ahead and have every confidence they will continue to define and power the cloud operating model for small companies and large enterprises alike. We will continue to be with you every step of the way!

The comments expressed above are not a statement on HashiCorp’s behalf. Tom Loverro, Sandy Miller, Steve Harrick, and Michael Miao are investors at IVP, a later-stage venture capital firm.

Originally published at on December 9, 2021.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store

Undaunted on the path to extraordinary outcomes, we help turn breakout companies into enduring market leaders. Follow our publication for more perspective