FileCloud, a leading, hyper-secure content collaboration platform used by enterprise organizations around the world, today announced that it has raised a $30 million Series A led by Savant Growth Fund I LP with participation from Kennet Partners. In addition, the company raised a $10 million growth capital facility with Avidbank. The investment will support the company’s continued innovation and rapid market expansion, both domestically and throughout international markets.
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Ray Downes, CEO of FileCloud (Photo: Business Wire)
FileCloud also announced the addition of two notable industry veterans to lead its expansion efforts. Ray Downes joins the company as Chief Executive Officer after a decade leading Kemp Technologies, a former portfolio company managed by Savant Growth’s investment team. Joining him will be Kemp co-founder Peter Melerud as Chief Revenue Officer, spearheading FileCloud’s go-to-market initiatives. Under their leadership, Kemp 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 (NASDAQ: PRGS).
In addition, Eric Filipek, managing partner and co-founder of Savant Growth, will join FileCloud’s board of directors.
“Savant Growth’s investment in FileCloud is a testament to its many years of impressive organic growth,” Filipek said. “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.”
“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,” said Madhan Kanagavel, founder, president and CTO. “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.”
“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,” Filipek said. “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.”
FileCloud is a hyper-secure content collaboration platform (CCP) that provides industry-leading compliance, data governance, data leak protection, data retention and digital rights management capabilities. Workflow automation and granular control of content sharing across most enterprise platforms are fully integrated into the complete CCP stack. The platform offers powerful file sharing, sync, and mobile access capabilities on public, private, and hybrid clouds. FileCloud is headquartered in Austin, Texas. FileCloud is used by millions of users around the world, including top Global 1000 enterprises, educational institutions, government organizations, and managed service providers. For more information, visit www.filecloud.com.
About Savant Growth
Savant Growth is a data-first growth equity firm that invests in bootstrapped, founder-led, high-growth B2B SaaS and tech-enabled services businesses. The firm combines 30 years of investment experience with a data-driven, entrepreneurial approach to bring together talent, companies, and capital for transformational outcomes in large, high-growth markets. The firm uses SaleSavant, its proprietary natural-language processing and machine learning software to help identify companies and teams that match its success predictors for its portfolio. Savant Growth generally targets companies with annual recurring revenue of $5 million to $15 million and typically invests in both minority and majority positions of $10 million to $50 million as the first institutional investor. Savant Growth believes it provides unique operating leverage to portfolio companies with its proprietary software and services for prospect identification (SaleSavant) and engineering resources to augment development initiatives (DevSavant).