Druva raises $147 million to extend its market leadership
Bengaluru, 19 April
Druva Inc, the leader in Cloud Data Protection and Management, has announced a $147 million fundraise as the company rapidly scales in response to accelerated demand for its platform. The fundraise was led by Caisse de dépôt et placement du Québec (CDPQ), a global investment group, with a significant investment by Neuberger Berman, each of which manage more than $300 billion in net assets.
The round, which raises the company’s valuation above $2 billion, also included participation from existing investors Viking Global Investors and Atreides Management. Druva is a privately held company headquartered in Sunnyvale, California with its R&D facility in Pune. It is funded by Sequoia Capital, Viking Global Investors, CDPQ, Neuberger Berman, Tenaya Capital, Riverwood Capital and Nexus Partners. The company has raised $475 million since its inception in 2008.
Druva raises $147M at $2B+ valuation as cloud backup market keeps growing
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Druva Inc., a major player in the growing cloud-based data protection market, has closed a $147 million funding round at a valuation exceeding $2 billion.
The company, which first achieved unicorn status in 2019, announced the new financing today. Canadian investment firm CDPQ led the round. It was joined by Neuberger Berman as well as existing Druva backers Viking Global Investors and Atreides Management.
Sunnyvale, California-based Druva was one of the first players in the now-crowded cloud data protection market when it joined the fray nearly a decade ago. The startup provides a software-as-a-service platform hosted on Amazon Web Services that companies can use to back up their business records. Druva’s platform can back up data from public clouds and software-as-a-service products such as Microsoft 365, as well as on-premises infrastructure and employee devices.
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MONTRÉAL, April 19, 2021 /PRNewswire/ - Caisse de dépôt et placement du Québec (CDPQ), a global investment group, announced a USD 100-million investment in Druva, a global leader in cloud data protection and management. Three existing shareholders Neuberger Berman, Viking Global Investors and Atreides Management also participated in this growth round led by CDPQ and totalling USD 147 million. As part of the agreement, CDPQ is joining Druva s Board of Directors.
The Druva Cloud Platform enables organizations to centrally protect data irrespective of location: cloud environments, leading SaaS applications (Microsoft 365, Google Workspace and Salesforce), hybrid environments, or endpoint devices. Thousands of organizations worldwide, including over 50 of the Fortune 500, are using Druva s SaaS platform to reduce the complexity of data protection, accelerate and protect cloud projects and increase cyber resilience and regulatory compl
SaaS startup Druva gets $147 million funding at $2 billion valuation
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Last Updated: Apr 19, 2021, 07:15 PM IST
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Synopsis
Druva will use the funding from investors CDPQ and Neuberger Berman for product development and expand into the Nordics and Australia, Jaspreet Singh, CEO of the California-based SaaS startup says.
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Pune:Druva, a cloud data protection and management firm has raised $147 million in a funding round led by Canada’s Caisse de dépôt et placement du Québec (CDPQ), with significant participation by investment management firm Neuberger Berman. Both the firms manage over $300 billion in net assets.
The fresh round of funding values the Pune- and California-based software-as-a-service (SaaS) company at over $2 billion and includes participation from existing investors Viking Global Investors and Atreides Management. This takes the total funds raised by the Sunnyvale, California-headquartered company to $475 million.
Druva Hits $2B Valuation With New $147M Funding
‘With the growth and momentum in the market and the growth in our platform, this is the right time to double down and invest into better innovation, better channel partners, better marketing options, international expansion, all those areas we had already been doing, but on a larger scale,’ says Druva CEO and Founder Jaspreet Singh. By Joseph F. Kovar April 19, 2021, 09:09 AM EDT
Cloud-based data protection and data management technology developer Druva on Monday unveiled a new funding round which brought the company an additional $147 million and a new valuation of over $2 billion.