- Nasuni recently announced it raised $60 million in funding. These are the details.
Nasuni Corporation – a leader in file data services – recently announced a $60 million equity investment by new investor Sixth Street Growth, the growth investing platform of global investment firm Sixth Street – which will also be joining Nasuni’s board. The valuation also reflects a significant increase over the company’s previous capital raise closed 18 months ago.
The company’s rapid expansion is in response to accelerated demand for its file data platform and as organizations quickly move workloads to cloud environments to realize the benefits of increased scale, superior economics, and heightened security from intensifying cyber threats.
This is the fourth round of financing Nasuni raised over the last 5 years, in which they have raised a total of $148 million. And with this funding, Nasuni now has approximately $100 million in cash on its balance sheet. The new investment will be used to fuel the continued growth and expansion of Nasuni’s File Data Services as the company invests in innovation, international expansion, and potential strategic acquisitions.
Enterprises have been aggressively adopting cloud solutions to strengthen cyber resilience, support hybrid work models and get the frictionless scale to meet business needs. And based on this demand, IDC forecasts cloud file services adoption will reach a 5-year compound annual growth rate (CAGR) of 40% and be a $14 billion market by 2025. This growth rate for file data is higher than both the block and object storage markets.
This funding round comes as Nasuni reported record-breaking results from its fiscal year ending December 31, 2021. And the company saw significant year-over-year (YoY) growth in annual recurring revenues (ARR), a continued surge in customer wins globally, and a rapidly increasing number of customers paying Nasuni over $1 million in annual contract value.
KEY QUOTES:
“The unprecedented events of the past 24 months have accelerated the generational cloud transformation for businesses and the increasing value of data. Cybersecurity threats such as ransomware are forcing businesses to think differently about their data infrastructure. Nasuni pioneered the cloud-based file data services category almost a decade ago and has led the way in defining the architecture, business model, and user experience. This investment and our continued, rapid growth are validation of our vision.”
– Paul Flanagan, chief executive officer, Nasuni
“Nasuni offers its clients great products, with solutions that are highly effective at solving pressing needs for efficient cloud data storage and data protection. Nasuni is poised to accelerate its already impressive organic growth through international expansion and the development of new features and capabilities as it continues to be a leader in the file data services market.”
– Michael McGinn, partner and co-head of Sixth Street Growth
