Egnyte, a content platform for businesses, has announced a $75 million round of growth funding from Goldman Sachs recently. What makes this round of funding unique is that the last time Egnyte raised funding goes way back to December 2013. Egnyte plans to use this late-stage investment for accelerating growth and deliver its content platform on a global scale.
Launched in 2007, Egnyte’s goal is to help businesses improve their infrastructure by replacing file servers and moving to the cloud while protecting sensitive content.
Now Egnyte’s platform is being used by more than 14,000 paying customers worldwide. Some of the brands that Egnyte works with include Arista, Red Bull, Yamaha, Nasdaq, Buzzfeed.
“We have built our business differently than most of the SaaS companies in the market, executing on a go-to-market strategy that focuses on a relentless pursuit of doing what is best for our customers and letting the top line take care of itself,” said Egnyte CEO and co-founder Vineet Jain. “We are excited about the new investment from Goldman Sachs and see it as a vote of confidence in our strategy and what we‘ve been able to accomplish to this point. Moving forward, with the tremendous market opportunity in front of us, this investment will allow us to focus on the long-term goals for our business – increasing our global presence, expanding our product footprint, and delivering the best customer experience in the industry.”
In conjunction with the funding, Goldman Sachs Private Capital Investing VP Holger Staude is joining Egnyte’s board of directors.
“Egnyte has impressed us from both a business and a technology perspective,” said Staude in a statement. “The Egnyte management team has been able to show fiscal discipline, growing their top line rapidly without requiring significant outside capital. That business model, paired with a flexible product that can help meet the growing demand from businesses to move their infrastructure to the cloud, gave us the confidence to invest in the company. We believe Egnyte is well-positioned to replicate their success on a global scale and become the content platform of choice for businesses.”
Egnyte became cash flow positive in 2016 and the company has seen more than eight quarters of positive growth. So far, Egnyte has raised a total of $132.5 million. Some of Egnyte’s previous investors include GV, Kleiner Perkins, Northgate Capital, Floodgate, and Seagate.
