SaaS Startup Druva Raises $147 Million in Series H Funding round led by CDPQ
Druva, a cloud data protection, and management firm have raised $147 million in its Series H funding round, bringing its valuation to $2 billion. When it joined the unicorn club in June 2019, the company had raised $130 million in a Series G funding round.
The fundraise was led by Caisse de dépôt et placement du Québec (CDPQ), a multinational investment firm, with Neuberger Berman making a major investment. Both companies control over $300 billion in net assets. Current investors Viking Global Investors and Atreides Management also participated in the round.
As organisations rapidly shift workloads to cloud environments, implement SaaS solutions, and tackle growing cyber threats, this new investment will fuel the scale, creativity, and expansion of Druva Cloud Platform to meet today's needs.
Enterprises have rushed to implement cloud technologies in the last year to improve business resilience, sustain essential business processes, and promote hybrid work models. Gartner Inc., a research and consulting company, predicts that cloud adoption will rise at a CAGR of 20.7 percent over the next five years, based on this requirement. Only cloud-native solutions will be able to offer, according to Gartner, and by 2022, 40 percent of organisations will complement or completely replace conventional backup applications with cloud-based solutions.
“Rising volumes of stored data, rapid adoption of cloud and deployment of SaaS applications, regulatory frameworks, and cybersecurity concerns have accelerated the demand for data protection and management solutions for businesses,” said Alexandre Synnett, Executive Vice President and Chief Technology Officer, CDPQ.
“The working-from-home dynamic experienced globally has further accentuated the need for cloud-based data protection solutions and we believe Druva is in an excellent position to seize opportunities and enhance its clients’ agility and data compliance,” he added.
Druva Cloud Platform's customer base has grown significantly in 2020, although adoption of multiple Druva Cloud Platform products has increased by 50%.
The platform supports industry leaders, disruptors, and pioneers such as GameStop, Marriott, NASA, National Cancer Institute, Pfizer, and Regeneron pharmaceuticals, and its data under control has increased by more than 40% in the last year.
“We have been extremely impressed by Druva’s talented management team, leading technology, and ongoing innovation in serving the enterprise market,” said Charles Kantor, Managing Director, Neuberger Berman. “We believe we are in the early innings of enterprises shifting workloads to the cloud, and Druva’s proprietary solutions position the company for long-term success. We look forward to providing our experienced market perspectives to management as Druva marks this important inflection point in its growth trajectory.”
The fundraise was led by Caisse de dépôt et placement du Québec (CDPQ), a multinational investment firm, with Neuberger Berman making a major investment. Both companies control over $300 billion in net assets. Current investors Viking Global Investors and Atreides Management also participated in the round.
As organisations rapidly shift workloads to cloud environments, implement SaaS solutions, and tackle growing cyber threats, this new investment will fuel the scale, creativity, and expansion of Druva Cloud Platform to meet today's needs.
Enterprises have rushed to implement cloud technologies in the last year to improve business resilience, sustain essential business processes, and promote hybrid work models. Gartner Inc., a research and consulting company, predicts that cloud adoption will rise at a CAGR of 20.7 percent over the next five years, based on this requirement. Only cloud-native solutions will be able to offer, according to Gartner, and by 2022, 40 percent of organisations will complement or completely replace conventional backup applications with cloud-based solutions.
“Rising volumes of stored data, rapid adoption of cloud and deployment of SaaS applications, regulatory frameworks, and cybersecurity concerns have accelerated the demand for data protection and management solutions for businesses,” said Alexandre Synnett, Executive Vice President and Chief Technology Officer, CDPQ.
“The working-from-home dynamic experienced globally has further accentuated the need for cloud-based data protection solutions and we believe Druva is in an excellent position to seize opportunities and enhance its clients’ agility and data compliance,” he added.
Druva Cloud Platform's customer base has grown significantly in 2020, although adoption of multiple Druva Cloud Platform products has increased by 50%.
The platform supports industry leaders, disruptors, and pioneers such as GameStop, Marriott, NASA, National Cancer Institute, Pfizer, and Regeneron pharmaceuticals, and its data under control has increased by more than 40% in the last year.
“We have been extremely impressed by Druva’s talented management team, leading technology, and ongoing innovation in serving the enterprise market,” said Charles Kantor, Managing Director, Neuberger Berman. “We believe we are in the early innings of enterprises shifting workloads to the cloud, and Druva’s proprietary solutions position the company for long-term success. We look forward to providing our experienced market perspectives to management as Druva marks this important inflection point in its growth trajectory.”
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