- FileCloud – a leading, hyper-secure content collaboration platform used by enterprise organizations around the world – recently announced that it has raised a $30 million Series A. These are the details.
FileCloud – a leading, hyper-secure content collaboration platform used by enterprise organizations around the world – recently announced that it has raised a $30 million Series A led by Savant Growth Fund I LP with participation from Kennet Partners. And the company raised a $10 million growth capital facility with Avidbank. The funding will support the company’s continued innovation and rapid market expansion, both domestically and throughout international markets.
Plus FileCloud also announced the addition of two notable industry veterans to lead its expansion efforts. Ray Downes joins the company as CEO after a decade leading Kemp Technologies, a former portfolio company managed by Savant Growth’s investment team. And joining him will be Kemp co-founder Peter Melerud as Chief Revenue Officer, spearheading FileCloud’s go-to-market initiatives. Under their leadership, Kemp had transformed from an SMB-focused load balancer vendor to a market-leading application experience company that was acquired in November for $258 million by Progress Software. Eric Filipek, managing partner and co-founder of Savant Growth, will join FileCloud’s board of directors.
KEY QUOTES:
“Savant Growth’s investment in FileCloud is a testament to its many years of impressive organic growth. The company represents an excellent opportunity to partner with an impressive founding team and seasoned leadership with whom I have worked to realize substantial stakeholder returns.”
“Our market research showed the content collaboration and secure file sharing space is evolving at an accelerating pace and has been in need of an innovative entrant like FileCloud to address the specific demands by enterprises around security, compliance and workflow automation. From the very first engagement with Madhan Kanagavel and his founding partners, we saw firsthand their passion and focus on solving complex customer challenges that resulted in FileCloud maturing into a unique, highly capable CCP platform.”
— Eric Filipek, managing partner and co-founder of Savant Growth, who will join FileCloud’s board of directors
“This Series A funding comes at a time of rapid growth for FileCloud and will help us capitalize on the increasing market opportunities to meet escalating customer demand. I am incredibly proud of our success bootstrapping the business to where it is today, and I can’t wait to begin this next phase of our journey. We are excited to partner with the new investors and welcome the arrival of Ray and Peter as they join our leadership team.”
— Madhan Kanagavel, founder, president and CTO
