BetterCloud Raises $25M to Support Microsoft and Google Apps
March 26, 2015
PRESS RELEASE – BetterCloud, the leading provider of critical insights, automated management and intelligent data security for cloud office platforms, today announced a new investment round of $25 million. The latest funding, led by new investor Accel with participation from all existing investors including Flybridge Capital Partners, Greycroft Partners through its new Greycroft Growth Fund, Tribeca Venture Partners, New Amsterdam Growth Capital, and Millennium Technology Value Partners brings BetterCloud’s total funding to $47 million.
More than 50,000 organizations and 32 million users manage, secure and report on Google Apps and Microsoft Office 365 instances through BetterCloud. The investment will be used to significantly expand sales and marketing, accelerate development to deepen BetterCloud’s integration with cloud office applications and broaden platform functionality.
“The transition from on-premise applications to the cloud represents the most significant trend in enterprise productivity – BetterCloud has become a catalyst for this transition by enabling IT departments to easily deploy and manage Google Apps and Office 365,” said Arun Mathew of Accel. “The company has achieved tremendous distribution, support and technical scale, giving them a unique and deep understanding of customers’ needs and direction of the market.”
Migration to cloud office systems
According to Gartner, “The number of business users provisioned, in whole or in part, with office systems capabilities from the cloud will grow at around 28 percent a year to 695 million users by 2022, constituting around 60% of the total office systems users by then.”* And as more companies move their email and collaboration systems to the cloud, IT departments require new toolsets specifically built for these cloud office environments that provide control and help ensure regulatory compliance. BetterCloud’s software solves these issues by delivering critical insights, automated management, and data security that not only make IT teams’ jobs easier, but also fuel greater utilization of cloud office platforms.
BetterCloud has seen tremendous growth in its customer base, revenue, and headcount since its founding in 2011:
● Manages more than 33 billion pieces of data across its customer base, including the largest enterprise users of cloud office platforms.
● Grew sales by 500 percent last year.
● Increased employee base from 35 to over 90 last year.
“In just three years BetterCloud has evolved into a true enterprise-grade security and management suite, complete with powerful insights, automated workflows, and granular compliance policies that our customers use to run their entire cloud office environment,” said David Politis, BetterCloud CEO. “As the source of truth for IT organizations managing the cloud office, we are at the center of cloud IT. BetterCloud is an indispensable tool for managing the use of cloud office products. It’s gratifying that Accel recognized this by investing in the growth of our product, our team and our market share.”
This new round of funding follows closely on the heels of the company’s expansion to the Microsoft Office 365 market with the introduction of BetterCloud for Office 365, as well as the launch of Google Drive Compliance, the first real-time API-based data loss prevention offering for Google Apps. The company also recently announced the hiring of Michael Tweddle, formerly the head of Dell’s Windows Management business, as chief strategy officer; and the appointment of Mike Cote, vice president and general manager of Dell SecureWorks, to the BetterCloud board of directors.