Nasuni Secures $40 Million in New Financing as the Pandemic Accelerates the Enterprise Shift to the Public Cloud
Funding Will Enable Nasuni to Meet Increased Demand for Enterprise-Proven Cloud File Storage
BOSTON, July 14, 2020 /PRNewswire/ -- Nasuni®, the leading provider of cloud file storage, today announced it has secured an additional $25 million in new equity financing coupled with a $15 million debt facility to fund the company's rapid growth. Nasuni has now raised more than $100 million in the past three years, each at a significant increase in valuation.
Investors were impressed by the traction Nasuni is experiencing in the market as a disruptive, cloud-based file storage company. Nasuni consolidates legacy file storage silos into the cloud, empowering customers to access all of their files, from anywhere, at about half the cost of legacy enterprise file storage.
"During these uncertain times for the global economy, Nasuni continues to shine," said David Campbell, managing director at Goldman Sachs and Nasuni Board Member. "With data capacity under management growing by over 50% annually, a net expansion rate of greater than 115% in each of the last five years and a capital-efficient business model, Nasuni's differentiated value stands out. The pandemic has forced enterprise IT to accelerate moving their file infrastructure to the cloud, and Nasuni allows them seamless data access globally from both the cloud and the data center. Nasuni is in a great position to expand and become the market leader not just for cloud file storage, but for all enterprise file storage."
Nasuni has yet to use the $25 million it raised in its previous financing round, announced in February 2019. Given how quickly the cloud market is evolving during the COVID-19 pandemic, investors were eager to invest more to enable the company to lean into new opportunities.
This equity round features a mix of new and existing investors, such as Family Offices, Venture Capital and Corporate Venture, bringing Nasunis total funding since inception to $169 million. Prior investors, including Goldman Sachs, Telstra Ventures, Northbridge Venture Partners and others, also participated.
Additionally, Nasuni has secured the $15 million credit facility from Silicon Valley Bank, which the company intends to use to fund acquisitions and other strategic projects.
"Closing major funding during these times of economic uncertainty is a testament to the promise that our investors see in Nasuni," said Paul Flanagan, president and chief executive officer, Nasuni. "When national and local governments issued lockdowns and stay-at-home orders to combat the virus, organizations were faced with a unique challenge: to deliver access to files and manage data center infrastructure remotely. With this new financing, we have all the resources we need to meet the growing demand."
Additionally, Nasuni announced the newest version of its platform in a release that can be found here.
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