Israeli data recovery company Zerto has raised an additional $20 million in Series E1 financing led by CRV. Existing investors also participated in the latest round. The financing will be used to maintain the company’s consistent, year-over-year, 100%+ sales growth with further expansion in key international regions and industries, as well as product development.
The $20 million financing is in addition to the $50 million growth financing led by IVP in early January 2016, bringing Zerto’s total Series E financing to $70 million. To date, the company has raised $130 million in financing. CRV’s participation in the Series E1 round is continued validation of the enormous growth expected to come from the cloud and business continuity and disaster recovery (BC/DR) market, as well as Zerto’s solid customer growth and substantial list of satisfied users. Existing investors include: Access Industries via its Israeli entity Claltech, 83North, Battery Ventures, Harmony Partners, IVP, RTP Ventures, and U.S. Venture Partners.
In the first quarter of 2016 alone, Zerto expanded its footprint in healthcare and financial services. This growth is attributed to the increased demand for effective, hardware agnostic and cloud agnostic BC/DR software to help maintain compliance in highly regulated industries. The company experienced its fourth consecutive year of over 100% sales growth in 2015.
Brothers Ziv and Oded Kedem founded Zerto in 2010. CEO Ziv Kedem said, “Knowing that the financing market can change at any time, we felt that the opportunity to partner with CRV was one that we couldn’t refuse. This additional financing enables us to continue long-term growth and product development untethered by incremental funding needs. Instead we are now able to focus on expanding product features targeted at making BC/DR simpler and more effective for companies making moves to the cloud who must ensure that critical operations are maintained regardless of any outage, be it natural, criminal, or common error."
Zerto recently released its Version 4.0 of Zerto Virtual Replication, its flagship product, which provides cross-infrastructure replication and mobility, helping organizations future proof their IT strategy by building data center infrastructure across private, hybrid and public cloud environments, including Amazon Web Services (AWS), to best suit their business needs. The product also helps cloud services companies to increase their revenue by making disaster recovery service part of the infrastructure.
Published by Globes [online], Israel business news - www.globes-online.com - on June 21, 2016
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