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Rally Software Raises $16.85M

Rally Software Development Corp., a publisher of software development applications, announced Wednesday that it has closed its third round of venture financing after raising $16.85 million. The Boulder, Colo.-based business said first-time investor Mohr Davidow Ventures led the effort, with existing backers Boulder Ventures, Mobius Venture Capital and Vista Ventures also participating. Rally added that it will use the money to establish a sales presence in Boston and the Silicon Valley as part of its first step toward expanding its sales footprint across the United States and Europe. Rally said that it doubled its subscription revenue in 2007—the third such year in a row. Rally develops software based on the Agile software development methodology, a process targeted at helping software teams develops software faster. More information »