[Funding alert] Druva enters unicorn club, raises $130M led by Viking Global Investors
Cloud data protection and management startup Druva Inc. recently announced that it has raised $130 million in a round led by Viking Global Investors. The investment round also saw participation from new investors including Neuberger Berman and Atreides Management, as well as existing investors including Riverwood Capital, Tenaya Capital, and Nexus Venture Partners.
This investment takes the total capital raised by the startup to $328 million. The company said that it will be using the investment to fuel growth and global expansion, as well as drive new product innovations.
According to media reports, this round takes the value of the startup to more than $1 billion, making it a part of the unicorn club.
Jaspreet Singh, Co-founder, Druva
California and Pune-based Druva is a SaaS startup whose patented cloud architecture delivers all-in-one backup, disaster recovery, archival, and analytics solutions. These solutions can be deployed in a single click and provide 360-degree visibility and control across all environments.
Speaking on the fundraise, Jaspreet Singh, Founder and CEO of Druva, said,
“The data management market is forecasted to be worth $55 billion next year, yet the landscape is dominated by solutions that are 20-year-old. Druva is disrupting the way enterprises protect and leverage their data with a modern, cloud-native SaaS platform. Today’s funding will help Druva to power data protection for the cloud era, and accelerate our momentum to better serve the needs of enterprise customers.”
Druva claims that over 4,000 enterprise customers have placed their trust in the startup to date. This includes 10 percent of the Fortune 500 such as Flex, Hitachi, Live Nation, Marriott, and Pfizer.
Harish Belur, Managing Director of Riverwood Capital, added,
“Since our original investment around two years ago, the company’s growth and success has surpassed our expectations. Druva’s unique approach to the large and growing data protection market is transformative to the industry and is validated by some of the world’s largest companies and the most demanding customers. We look forward to Druva’s next phase of growth and are excited to be a part of the journey.”
In 2017, Druva had raised $80 million of growth equity funding led by Riverwood Capital, with participation from Sequoia Capital India, Nexus Venture Partners, Tenaya Capital, and most other existing venture investors.
Shailendra Singh, Managing Director of Sequoia Capital (India) Singapore, added,
“As Druva’s first investor, Sequoia India saw great potential in Jaspreet and the transformative nature of the product the Druva team was building. Druva’s product capabilities and market adoption have continued to surprise us ever since. We remain excited about Druva’s cloud-native architecture for enterprise data protection at scale and believe it will be a category-defining company for data protection in the cloud era.”