Actifio Raises $100 Million at Valuation Said to Be $1.1 Billion
March 24, 2014
Actifio Inc., a data-management and storage startup, raised $100 million in a funding round led by Tiger Global Management LLC, giving it a valuation of $1.1 billion, according to people with knowledge of the financing.
Tiger Global is the only new investor, the Boston-based company said today in a statement. Existing investors North Bridge Venture Partners, Greylock Partners, Advanced Technology Ventures, Andreessen Horowitz and Technology Crossover Ventures also participated, Actifio said, without giving the valuation.
The funding will be used to expand in the 31 countries where Actifio already does business by hiring engineers and salespeople, co-founder and Chief Executive Officer Ash Ashutosh said. The company, founded in 2009, so far has raised $207 million and has no imminent plans for an initial public offering, he said.
“Right now an IPO would be a distraction,” Ashutosh said in an interview. “We have a huge market with no real competition.” The market for data management is worth $46 billion and is very fragmented among software and hardware companies, he said.
Actifio becomes the latest technology startup to reach a valuation of $1 billion after a big investment round. Last week, mobile-messaging company TangoMe Inc. raised $280 million from funders led by Alibaba Group Holding Ltd., at a value of $1 billion to $2 billion, people with knowledge of the matter said at the time.
Actifio’s rivals include established companies such as EMC Corp. and Symantec Corp., Ashutosh said. Customers include Sanofi (SAN), a Paris-based pharmaceutical company, and British-Dutch consumer-goods company Unilever NV. (UNA)
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