Actifio raises $100 million from Tiger Global
March 24, 2014
SAN FRANCISCO, March 23 (Reuters) – Data-management company Actifio said it had raised $100 million in funding led by Tiger Global, bringing it to funding levels usually reserved for consumer-oriented companies.
Boston-based Actifio has now raised more than $200 million, including the latest round, valuing the company at $1.1 billion.
While a number of consumer companies carry valuations topping $1 billion, few enterprise companies do. They include cloud-storage service Box, mobile-device management company Good Technology, and storage-infrastructure company Nutanix.
Actifio works by making one copy of a company’s data in a form that works with various applications, avoiding the expense and inefficiency of storing multiple copies. It also speeds up accessing the data, said Actifio chief executive Ash Ashutosh.
Bringing Tiger and its experience with late-stage companies into the fold will help Actifio grow further, Ashutosh said, and prepare it for an eventual initial public offering, though he didn’t offer an IPO timetable.
For now, he said, instead of an IPO, the company was working on helping customers and growth.
“The day we find not being a public company is hindering either of those goals, we’ll start considering the process,” Ashutosh said.
For Actifio’s investors, backing the company amounts to a bet on the continued explosion of data.
“We thought the growth of data was going to be a problem and a hindrance,” said Peter Levine, a partner at Andreessen Horowitz, which started backing Actifio in 2011. “These guys solved that problem.”
Andreessen and other existing investors North Bridge, Greylock, Advanced Technology Ventures and Technology Crossover Ventures joined the round.
Tiger Global has invested in a number of late-stage venture-backed companies in the past couple of years, including Eventbrite, SurveyMonkey and OnDeck. (Reporting by Sarah McBride; Editing by Andrew Hay and Eric Walsh)