Four years after picking up a $100m E-round, Actifio has picked up another $100m, valuing the company at more than $1.3bn. Total investment stands at $311.5m, according to our records.
The F-round was led by Crestline Investors and joined by North Bridge Venture Partners, 83North, Advanced Technology Ventures, Heritage Group, Andreessen Horowitz, and other existing investors.
In the 2014 funding Actifo was valued at $1.1bn – gaining it unicorn status as a startup valued at more than $1bn. At the time of the funding Techcrunch reported the copy data manager and converger vendor was preparing for an IPO and expected $100m annual revenue run rate for that year.
The IPO never got off the ground and in four years the valuation has increased by just 18.2 per cent – admittedly that works out at an extra $200m. But the company has an updated story to tell. It claims a total addressable market (TAM) of $50bn – 13.6 per cent larger than the $44bn TAM calculated in 2014 – and more than 3,000 enterprise customers, compared with 300 in 2014. They include five of the top 20 global financials, four of the top 10 energy companies, three of the top 10 healthcare providers, six of the top 10 service providers and four of the top 20 global retail organisations.
Actifio now refers to itself as a multi-cloud, data-as-a-service company. Competitors include Cohesity, Delphix and others in the data management space. Let’s see how it uses this $100m cash injection, which is needed to develop and grow its customer base, accelerate away from competitors, and get revenues and revenue growth rate high enough to take another shot at an IPO.