Enterprise backup startup Clumio raised $135 million in its Series C round, just a few months after coming out of stealth.
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For context, $135 million is a large amount for a Series C round, especially considering the size and age of the company. Clumio was founded in 2017, coming out of stealth in August, and has about 100 employees.
In its Series A and Series B rounds, Clumio raised about $51 million, but has only burned through between $15 million or $16 million of that, Clumio CEO Poojan Kumar said in an interview with Crunchbase News.
So why raise such a large amount for a Series C if the company’s burn is so low and the company is so young? Kumar said Clumio wasn’t looking to raise so much, but customers are embracing the platform.
“It was less about the burn rate or our need for money and more about the need to accelerate our long- term vision, both from a go-to-market perspective and from a product, platform perspective,” Kumar said.
In terms of headcount, Kumar said the company doesn’t have any specific growth metrics it’s trying to hit, but is trying to hire great talent as it finds them. He estimates that Clumio will likely grow to about 200 people in the next year.
The company is headquartered in Santa Clara and recently opened up a research and development office in Bangalore, India. Clumio doesn’t have plans to open up more offices in the immediate future, but the new funding could accelerate its efforts to increase its international footprint.
In terms of cloud migration, Kumar said he believes that the industry has just scratched the surface and there will be more of it in the next few years.
“I think the long term independent companies are going to be companies that are going to build platforms on top of the public cloud,” Kumar said.
Illustration: Li-Anne Dias.