Druva, a SaaS startup focused on cloud data protection and management, announced today it’s raised $130 million in a round led by Viking Global Investors. The financing propels Druva into unicorn status with “just north of $1 billion,” according to Founder and CEO Jaspreet Singh.
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Existing backers Riverwood Capital, Tenaya Capital, Nexus Venture Partners and some new investors also participated in the financing, which brings the 11-year-old company’s total venture raised to $328 million.
Built on Amazon Web Services (AWS), Druva touts itself as “a SaaS solution in a market dominated by legacy hardware vendors.” By offering its service as a subscription, it claims to be able to help cut costs for customers by “up to 50 percent” by eliminating the need for “unnecessary hardware, capacity planning, and software management.”
Druva’s offerings include backup, disaster recovery, archival and analytics solutions. It has more than 4,000 enterprise customers across a variety of industries including Pfizer, Marriott and Hitachi.
We asked the company for some growth metrics and Singh told me over the phone this morning that Druva has seen more than a 50 percent increase in ARR (annual recurring revenue) over the past two to three years. It’s also increased its headcount to 720 today compared to 430 at this time last year. With the new capital, Druva aims to cross the 1,000-mark when it comes to employees by this time next year, according to Singh.
It also plans to continue expanding geographically. Currently, Druva operates in North America, United Kingdom, Southeast Asia, India, Germany and Japan. It’s looking to expand into Australia and Nordic countries, Singh said.
The company also plans to use the new capital to invest in customer growth and retention, he added.
Harish Belur, managing director of Riverwood Capital, said in a press release that Druva’s growth since the firm’s original investment about two years ago has “surpassed” its 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,” he said.
Illustration: Li-Anne Dias
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