Druva raises $147M at a valuation north of $2B as the cloud rush continues



Druva, a software company that sells cloud data backup services, announced today that it has closed a $147 million round of capital. Caisse de dépôt et placement du Québec (CDPQ), a group that manages Quebec’s pension fund, led the round, which also saw participation from Neuberger Berman. Prior investors including Atreides Management and Viking Global Investors put capital into the deal, as well.

Druva last raised a $130 million round led by Viking in mid-2019 at around a $1 billion valuation. At the time TechCrunch commented that the company’s software-as-a-service (SaaS) backup service was tackling a large market. (TechCrunch also covered the company’s $51 million round back in 2016 and its $80 million raise from 2017.)

Since then SaaS has continued to grow at a rapid clip, including a strong 2020 spurred on by COVID-19 boosting digital transformation efforts at companies of all sizes. In that context, it’s not surprising to see Druva put together a new capital round.

A recent tie-up between Dell and Druva, first reported in January of this year, was formally announced earlier this month. The selection of Druva by Dell could help provide the unicorn with a customer base to sell into for some time. TechCrunch wrote about Druva earlier this year, during the reporting process the company said that it had “almost tripled its annual revenue in three years.”

Its new round did include some secondary shares, which Neuberger Berman managing director Raman Gambhir described as difficult to (Read more...)