Egnyte has secured $75m in a new funding round – five years after its last round and 18 months after its CEO said he didn’t need more cash.
The rationale for taking the funding now is to get Egnyte operating on a global scale. In April 2017 Vineet Jain, Egnyte CEO, told me that he would consider raising more money “if we can add another 14-15 points to the growth curve.”
It looks like he’s convinced of that now. In a statement Jain said the investment will “allow us to focus on the long-term goals for our business – increasing our global presence, expanding our product footprint, and delivering the best customer experience in the industry.”
Egnyte is a cloud storage and file sharing vendor whose competitors include Dropbox and Box Inc. The company helps businesses migrate their infrastructure to the public cloud by replacing file servers, improving content management systems, and protecting sensitive content.
The firm says it has been cashflow positive since 2016 and has recorded more than eight quarters of positive growth. It claims more than 14,000 paying customers worldwide including Arista, Balfour Beatty, BuzzFeed, Nasdaq, Red Bull, and Yamaha.
The E-round was funded by Goldman Sachs and brings Egnyte’s total funding to $132.5m.
