In 2010, Ruslan Synytskyy, Constantin Alexandrov, and Alexey Skutin founded Hivext Technologies (parent company of Jelastic). The three were working together on a project remotely, on web hosting and system administrative tasks. Runa Capital provided $500,000 in seed funding. In late 2011, Jelastic announced testing of their service for Java programming language applications, and opened an office in Palo Alto, California.
Jelastic closed a venture capital funding round in April 2012 of $2 million from Almaz Capital Partners and Foresight Ventures. In July of that year, Jelastic received a $1 million grant from the Skolkovo Foundation. As part of the grant, Jelastic set up an office in the Skolkovo Innovation Center in Moscow. Around this time, the company was often mentioned in lists of Russian start-up companies, such as one by the Moscow Times, and by Oracle Corporation for using Java.
In February 2013, the company added PHP cloud hosting to their service options. In March 2013, Jelastic updated its pricing model: customers get discounts for buying larger blocks of resources and pay only for what they use. It also announced support for Apache TomEE server software.
In September 2013, Jelastic announced funding from Maxfield Capital. At the same time, John E. Derrick became chief executive, replacing founder Synytskyy who became chief technical officer.
In April 2014, Jelastic released support for OpenShift cartridges. Jelastic released a list of supported cartridges, but also the option for users to build their own.  In March 2015, Jelastic released support for production ready Docker Containers and .NET/Windows on top of Parallels Containers virtualization for Windows applications support.
Programming languages supported are Java, Ruby, and Python, along with technologies PHP, Node.js, the .NET Framework, OpenShift Cartridges and Docker Containers. It has international hosting partners and data centers. The company can add memory, CPU and disk space to meet customer needs. The main competitors of Jelastic are Google App Engine, Amazon Elastic Beanstalk, Heroku, and Cloud Foundry. Jelastic is unique in that it does not have limitations or code change requirements, and it offers automated vertical scaling, application lifecycle management, and availability from multiple hosting providers around the world.
In May 2013, Jelastic announced integration with NetBeans IDE. Two weeks later, they launched Jelastic PaaS 1.9.1, which included the latest versions of the software stacks (including PostgreSQL 9.2.4). In September 2014, Node.js support was added.
Advisers include the creator of PHP Rasmus Lerdorf, the father of Java James Gosling and Brazilian Java programmer Bruno Souza (programmer), Serguei Beloussov, the founder of Parallels, Inc., Soeren von Varchmin and Mark Zbikowski.