As you’ll no doubt read elsewhere, Druva has just gotten an additional infusion of funding ($25M in Series-D). Nope, there is no plan to have a Wolf of Wall Street-themed party. But here’s how it will help us achieve our goals – which is to expand focus on product and international markets, especially northern Europe and Asia.
Right now, Druva is poised at an interesting crossroads at the intersection of mobility and cloud.
Over the past few years, we have evolved our story. Druva began as a backup solution for the mobile workforce, and have become a larger data governance play. As we grew, we have helped IT not just to mitigate the risk of data loss, but also to use the organization’s collected information to gain deep visibility, manage legal holds, and enable eDiscovery.
In today’s world, information is an appreciating asset.
Cloud storage is a fast-depreciating commodity, but a company’s information is not.
It’s what an organization does with its data repositories that may define its future. The ability to use the same information to solve interesting real-world data challenges will define the real winner in the marketplace. While most of our competitors treated the backup as a graveyard for the data, we used the Swiss Army knife approach to solve very relevant enterprise data challenges.
I believe the public cloud is the biggest disruption of our lifetimes. Enterprises are excited about how they could leverage the public cloud for long-term data retention and global access.
Mobility was just the start. The cloud soon will disrupt the whole secondary storage and backup market. This promises to be an interesting time for Druva.
Why a new funding round, just 9 months after the last one?
The Series-D funding is only 9 months after Druva raised series-C of $25M, and brings us to a total of $67M. So yes, that’s a lot of money in a short period of time.
In the past year, the Druva growth story has been stronger than we had expected. We have had some great customer wins, like Pfizer, Dell, Shire, and many others. Fast-evolving business unit economics makes it easier to predict future growth.
We were surprised by a strong term sheet by Sequoia; so we thought it would be easier to close the round now in order to focus on business.
An interesting battle
To borrow from Ben Horowitz’s book, The Hard Thing About Hard Things, we are still a wartime company Like any other startup, Druva is in the middle of an interesting battle: we have some exciting challenges and great opportunity to be explored. The funding provides us with good supply of ammunition to fight it.
This is an important milestone, and it endorses the strong growth trajectory we are on.
But there won’t be any funding party at Druva; we’re busy delivering on our promises. Our celebration probably will be cupcakes and beer, and a deep appreciation for the hard work people have put in place.