Multi-cloud data management platform Panzura scored $80m for its Series B funding round, which was backed by private equity firm Kayne Partners and CIBC Innovation Banking.
This investment is part of the company’s refounding of the company by its CEO Jill Stelfox and CRO Dan Waldschmidt.
Panzura claims it has experienced a 200% increase in annual recurring revenue and 97% retention rate. It also achieved a four-times speed of growth over its competitors in just 20 months, it said.
As part of the refounding, it had a complete business turnaround, including a cultural shift that changed its core values and brought seven new products to the market.
With the fresh capital injection, the FinTech company hopes to scale its operations to support its clients. Its customers include Disney, Milwaukee Tool, BBC America, AmeriHome Mortgage, US federal government agencies, and multiple NFL and MLB teams.
It also plans to add another 150 team members by the end of the year, with openings in its engineering, marketing, HR, finance and sales teams.
Panzura provides clients with a true cloud data management platform that helps them protect their data from ransomware and other cyber threats. It does this through immutable storage and simplified data management.
Kayne Partners managing partner Nishita Cummings said, “Businesses today are being forced to think differently about data storage and data protection. As we looked at the changing dynamic of how companies store, manage, and protect data, we developed a strong thesis behind platform solutions targeting cloud transformation. We sought to partner with a leading management team at the helm of a best-in-class scalable platform that was addressing these types of issues. Panzura is exactly that.
“Jill and her team have a superior solution in a growing market that enjoys several macro tailwinds. Further, we are honoured to invest in an organization that is led by a female CEO and is committed to its people and diversity, equity and inclusion as part of its core principles.”
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