Splashtop: $50 Million Funding And Over $1 Billion Valuation

By Amit Chowdhry ● February 6, 2021
  • Splashtop — an emerging leader in next-generation remote access and remote support — announced it has raised $50 million in funding. These are the details.

Splashtop — an emerging leader in next-generation remote access and remote support — announced it has raised $50 million in funding. And the company has received a valuation of over $1 billion.

This funding round — which was led by existing investor Sapphire Ventures — also includes participation by other long-time Splashtop investors Storm Ventures, NEA and DFJ DragonFund.

Splashtop has been profitable since 2015 even while growing rapidly. And the company’s current growth rate of 160% and profits of 60% represent exceptional performance levels.

The COVID-19 pandemic drove the increased demand for Splashtop’s solutions, including from larger enterprises. Over the past year, Splashtop served 85% of Fortune 500 companies like Disney, FedEx, GE, Marriott, Toyota, and government and educational institutions such as the U.S. Centers for Disease Control and Prevention (CDC), Harvard University, Stanford Healthcare, and research labs enabling COVID-19 vaccine research by major pharmaceutical companies.

Last year, Splashtop expanded its global reach, including new partnerships in EMEA, South America, and Asia. And in Europe, the company opened an EMEA headquarters in Amsterdam and expanded its Euro currency and local multilingual support. In Asia, the company launched an APAC channel headquarters in Singapore supporting hundreds of revenue-generating channel partners and built enterprise channels in multiple countries, including Japan.

KEY QUOTES:

“Our sustained profitability and growth—which accelerated during the COVID-19 pandemic—validate that Splashtop’s next generation remote access solution is making a real difference in how, where and when people can use the digital resources they need to work, learn and be entertained. We’re fundraising now at unicorn valuation to amplify our brand and momentum so we can attract talent, expand our enterprise presence, and accelerate our global expansion to delight customers everywhere.”

— Mark Lee, co-founder and CEO of Splashtop

“Splashtop is an example of an efficient and agile enterprise technology company that has demonstrated incredible metrics, including fast growth, impressive customer satisfaction scores and attractive profit margins. We anticipate the adoption of Splashtop to continue to climb. Its secure remote access solution has been essential for businesses of all sizes during the pandemic, and we anticipate will be critical far beyond as where and how people work has been forever reimagined.” 

— Jai Das, president and partner of Sapphire Ventures

“Splashtop is at the leading edge of a major IT trend: making it easier to access and use necessary software applications and data. Splashtop replaces the clunky, complex, expensive legacy approaches to remote access—exemplified by virtual private networks (VPNs)—with a modern, cloud-native approach that provides secure, easy access to any digital assets, anywhere, at any time.”

— Ryan Floyd, a founding managing director of Storm Ventures

“Adobe customers—who use our industry-leading Creative Cloud products in broadcast media, graphic design, scientific research, engineering, education and more—need to remain productive when working remotely, as many have had to do since the start of the pandemic. Splashtop’s remote desktop solution has proven to be very valuable to many video content creators who can run Adobe applications on any device as if they were sitting in front of the high-performance work computers.”

— Sue Skidmore, head of partner relations, Adobe Video

“As we’ve seen with the global pandemic, remote access is crucial to the success of any business and we are pleased to be partnered with Splashtop. Their reliability, performance, and customer support have been exceptional in providing us, our customers and employees the necessary tools to keep important work moving forward, even remotely. Our revolutionary technology is helping researchers around the world advance the science of precision medicine.”

— Joel Nichols, vice president of Information Systems at Quanterix