Druva, a software company that sells cloud data backup services, announced today that it has closed its $147 million capitalization. The leadership led by Kais de dépôt and Placement du Québec (CDPQ), a team manages the pension fund of Quebec’s, which also saw the participation of Neuberger Berman.
Former investors, including Atreides Management and Viking Global Investors, also invested in the deal. Druva last raised $130 million, valued at $1 billion and led by the Vikings in mid-2019. At the time, TechCrunch commented that the company’s software-as-a-service (SAS) backup service was facing a large market. (TechCrunch also acquired the company $51 million in 2016 and $80 million compared to 2017.) Since then, SAS has continued to grow in a fast-paced clip, including a powerful 2020 that encourages digital transformation efforts across companies of all sizes, including Covid-19. In that context, it is not surprising to see Druva rounding up a new capital together.
A recent match between Dell and Druva first published in January this year, officially announced earlier this month. Druva’s selection by Dell could help provide Unicorn with a customer base to sell for a while. TechCrunch wrote about Druva earlier this year, saying during the reporting process that the company had “almost tripled its annual revenue in three years.”
Its new round included some minor shares, which Neuberger Berman managing director Raman Gambhir described as difficult to snag when calling with TechCrunch. He explained that some of the initial sales were due to some previous funds reaching the last cycle of their lives. Druva CEO Jaspreet Singh stressed that his supporters are working to do the best for the company not only maximizing their returns during the joint interview.
Singh told TechCrunch that business was accelerating in Druva. Generally, we will note that the IPO sounds like a beast, especially since Druva crossed the $100 million AR threshold in 2019. However, the company has been sounding the IPO for some time; it is difficult to predict when it will pull the trigger. Our company’s 2016 round coverage mentions that the company may go public within a year.
In addition, in our coverage of its 2019 investment, Singh told TechCrunch that an IPO was 12 to 18 months away. It is probably, now, but it is next to the point. With refreshed accounts, a market is moving towards it and some early investors are relieved from their latest investment to have valuable time to play with the company. Yet Singh insisted that its new financing round chose investors, which he said, was creating a long-term position; When CEOs are creating pre-IPO cap tables, they are the kind of verbiage.