Datto, a provider of comprehensive data backup, recovery and business continuity solutions, has announced that it has raised $75 million in a Series B investment round led by Technology Crossover Ventures. The company will use the proceeds from the investment to continue its global expansion, to accelerate product innovation and to support and develop its partner network. The Series B brings total investments in Datto to just over $100 million.
European developments will include a new Partner Briefing Centre at Dato’s Reading, UK, facility; and new data centres in Germany and Iceland.
“Today is a great day for our managed service provider partners and customers,” said Datto founder and CEO Austin McChord. “As a profitable company, Datto isn’t raising capital to fund operations, but instead, to enter new markets and build new products and technology. With this new investment, Datto is excited to be pushing ahead to build new technology and improve the experience for our MSPs and end users around the world.”
“From our first meeting with Datto, we were impressed with the company’s innovation and leadership team, and we knew we wanted to play a role in moving this company forward,” said Ted Coons, general partner at TCV and new Datto board member. “Cloud-based data protection holds great promise in ensuring information is always accessible and recoverable as more organizations conduct business in the cloud, and Datto has a tremendous opportunity to grow internationally in meeting this need.”
In addition to Coons joining Datto’s board of directors, Datto also added two board additional members: Patrick Gray, a board director of Civitas Solutions, Inc.; and Ursula Burns, chairman and CEO of Xerox Corporation. They are joining a board that includes McChord; non-executive chairman Paul Sagan, the former CEO of Akamai Technologies; and Steve Herrod, former CTO of VMware and currently a managing director of General Catalyst Partners, which led Datto’s Series A financing.