pixstock - Fotolia
Data backup and recovery specialist Datto has promised that the $75m it has been given by investors will improve life for its channel base.
The firm has sealed the money in a Series B investment round led by Technology Crossover Ventures (TCV) and it stated that the money would be used to fund its global expansion and support its partners.
So far Datto, which has only been around since 2007, has recieved more than $100m from backers as it looks to establish its business.
Most of the time when vendors get backing from investors there is an assumption that the channel will see some benefit from the money but on this occassion it has been clearly stated as something that managed service providers (MSPs) should start to see fairly quickly.
“With a strong, experienced EMEA team, plus a pipeline of innovative products, we welcome the TCV funding as a boost to our EMEA expansion efforts. Our MSP partners and end-users will benefit next year from more marketing initiatives, a larger team, and additional infrastructure thanks to the funding," said Andrew Stuart, managing director of Datto.
"Ultimately, this investment will accelerate our existing plans and lead to faster sales growth, as Datto and our partners realise the market opportunities in supplying business continuity services," he added.
Datto is a profitable company so is raising the funds to fuel expansion rather than to cover the costs of existing operations and it will support moves to expand across EMEA with plans to build more data centres and widen distribution and to also support resellers in that region and APAC.
As a result of the investment the firm has made a couple of board appointments that should give it access to some more expertise as it looks to embark on the next stage of growth.
Ted Coons, general partner at TCV is taking a seat on the board and he will be joined by Patrick Gray, a board director of Civitas Solutions, and Ursula Burns, Chairman and CEO of Xerox Corporation.
The board already contains Datto founder and CEO Austin McChord and non-executive Chairman Paul Sagan, the former CEO of Akamai Technologies, Steve Herrod, former CTO of VMware and currently a managing director of General Catalyst Partners, which led Datto’s Series A financing.