General Catalyst Partners has led a $25 million growth equity financing round for Datto. Norwalk, Conn.-based Datto provides hardware- and cloud-based on- and off-site backup, disaster recovery and intelligent business continuity (IBC) solutions.
Norwalk, CT (PRWEB) September 03, 2013
Datto, Inc., an international award-winning provider of hardware- and cloud-based on- and off-site backup, disaster recovery (BDR) and intelligent business continuity (IBC) solutions, announced today that it has closed $25 million in growth equity financing led by General Catalyst Partners. The Company will use this late stage, minority investment as a launch pad to three major areas of growth including, international expansion, new product development for wider market penetration, and enhanced services for existing customers.
This is Datto’s first venture funding since its inception in 2007. Datto’s rapid growth has landed the Company twice on the Inc. 500, in 2012 and 2013, and its 2013 recognition marks its fourth consecutive year of 300% annual growth. With the funding, Datto welcomes two well-respected and highly regarded technology visionaries to its board to help guide and advise on expansion efforts. Steve Herrod, former CTO of VMware and managing director at General Catalyst Partners, and Paul Sagan, executive vice chairman of Akamai Technologies, will provide valuable direction as Datto broadens its product portfolio and continues to grow its international presence. This is Herrod’s first investment since joining General Catalyst.
“This is an exciting time for Datto and our channel partners,” explained Austin McChord, Datto Founder and CEO. “I believe that Steve and his team at General Catalyst Partners, and Paul with his breadth of industry knowledge, will add unique value based on their experience and foresight. They have a truly deep understanding of the business and culture of Datto, and this investment will help us further the rapid growth of the company, and allow us to deliver solutions that will change the way businesses think about using the cloud for backup and disaster recovery around the globe.” McChord will remain majority stakeholder, and there will be no changes to Datto’s executive team.
“Virtualization is an essential technology for server applications, storage, networking, security and all aspects of the modern datacenter,” Herrod said. “Austin and the Datto team have created an innovative company that offers valuable solutions to its partners and serves as a true ally to the I.T. channel. This is an organization that I wanted to be a part of.”
“I couldn’t be more excited by the opportunity that Datto has to continue pioneering new cloud computing services to help businesses grow using the power of the Internet,” Sagan said. “Austin and his team have built a formidable presence as a new service provider, and I’m looking forward to helping them continue the company’s rapid growth and global expansion.”
Datto offers advanced backup, disaster recovery (BDR) and business continuity solutions that provide organizations with an easy to use and cost effective insurance policy against costly downtime, while significantly decreasing the likelihood of any extended interruptions in business operations. Datto’s BDR solutions combine an image-based approach, employ dual agent backup, and are based on a hybrid cloud model. Datto technology and support provide MSPs with an assurance that their clients will eliminate downtime and have peace of mind, should a disaster scenario occur.
Datto’s product suite includes Datto SIRIS, Datto SIRIS Lite, Datto ALTO, and Datto G Series. Datto solutions are scalable to meet the needs of every business, regardless of size, with options ranging in size from 150GB to 100TB. Datto sells exclusively through its channel Partners.
About Datto Inc.
Datto Inc. is an award-winning vendor of backup, disaster recovery (BDR) and intelligent business continuity (IBC) solutions, providing best-in-class technology and support to its 5,000+ channel Partners throughout North America and Europe. Datto is the only hybrid-cloud BDR/IBC vendor that provides instant on- and off-site virtualization and screenshot backup verification, achieved through its Inverse Chain Technology™. The Datto product line addresses the specific needs of small to medium-sized businesses (SMBs) and serves a wide range of vertical markets including: healthcare, financial, education, banking, legal, manufacturing, retail, and municipal.
Datto is a channel only provider. Solutions are resold through Managed Service Providers (MSPs), Value Added Resellers (VARs) and IT Service Providers to end-user businesses. To learn more about Datto, visit http://www.dattobackup.com and follow us on Facebook, Twitter and our Blog.
About General Catalyst Partners
General Catalyst Partners is a venture capital firm that makes early stage and growth equity investments. General Catalyst Partners invests in exceptional entrepreneurs who are building the technology-based companies that will lead innovation and transform industries. Founded in 2000, General Catalyst Partners leverages its principals’ extensive operational, business development and technological expertise to provide portfolio companies with a catalyst for success through business-building and partnership development assistance. General Catalyst has offices in Cambridge, MA, Palo Alto, CA and New York City. For more information, visit: http://www.generalcatalyst.com or https://twitter.com/gcvp