January 16th, 2019 by Adam Armstrong
Veeam & Rubrik Take In Massive Funding Hauls
This week both Veeam and Rubrik announced massive funding hauls. Veeam secured a $500 million investment from Insight Venture Partners (with strong participation from strategic investor Canada Pension Plan Investment Board (CPPIB)). Rubrik announced a $261 million yield from Series E funding.
Veeam is one of the larger privately held software companies. Veeam states it has roughly $1 billion in sales and over 325K customers. Seems a bit odd that they are looking for an injection of cash, however, Veeam states it will leverage Insight Venture Partners’ internal business strategy arm, Insight Onsite, and capital to accelerate its expansion through both organic growth and M&A activities. Half a billion is a fairly impressive investment.
Rubrik lastest Series E funding of $261 million brings its total equity to over $553 million. The Series E funding came from Bain Capital Ventures with strong participation from existing investors Lightspeed Venture Partners, Greylock Partners, Khosla Ventures, and IVP. Rubrik states that it will use the new funds for general corporate purposes, continued future innovation, and to support the launch of major new products planned for 2019.