BOSTON, June 21, 2016 /PRNewswire/ --
Zerto, setting the standard for protection, recovery and migration of data in cloud and virtualized data centers, today announced it has secured an additional $20 million in Series E1 financing led by CRV. Existing investors also participated in the latest round validating Zerto's strong performance and market opportunity. The financing will be used to maintain the Company's consistent, year-over-year, 100%+ sales growth with further expansion in key international regions and industries, as well as product development.
The $20 million financing is in addition to the $50 million growth financing led by IVP in early January 2016, bringing Zerto's total Series E financing to $70 million. To date, the Company has raised $130 million in financing. CRV's participation in the Series E1 round is continued validation of the enormous growth expected to come from the cloud and business continuity and disaster recovery (BC/DR) market, as well as Zerto's solid customer growth and substantial list of satisfied users. Existing investors include: Access Industries via its Israeli entity - Claltech, 83North, Battery Ventures, Harmony Partners, IVP, RTP Ventures, and U.S. Venture Partners.
In the first quarter of 2016 alone, Zerto expanded its footprint in healthcare and financial services. This growth is attributed to the increased demand for effective, hardware agnostic and cloud agnostic BC/DR software to help maintain compliance in highly regulated industries. The Company experienced its fourth consecutive year of over 100 percent sales growth in 2015.
Murat Bicer, General Partner, CRV
"We expect to see a massive market opportunity for companies that deliver services to accelerate cloud adoption over the next few years. Zerto is addressing the rapidly expanding needs of the increasingly cloud-dependent enterprise. We have partnered with Zerto due to their clear leadership in this fast growing market, and we are excited to be a part of their growth story."
Ziv Kedem, CEO, Zerto
"Knowing that the financing market can change at any time, we felt that the opportunity to partner with CRV was one that we couldn't refuse. This additional financing enables us to continue long-term growth and product development untethered by incremental funding needs. Instead we are now able to focus on expanding product features targeted at making BC/DR simpler and more effective for companies making moves to the cloud who must ensure that critical operations are maintained regardless of any outage, be it natural, criminal, or common error."
Founded in 1970, CRV is an early-stage venture capital fund that takes a value-added, hands-on approach to support its portfolio companies. CRV is one of the nation's oldest and most successful early-stage venture capital firms with approximately $1.5 billion under management. CRV is dedicated to helping exceptional entrepreneurs turn their ideas into the next category leaders in high growth technology and media sectors. CRV funds have been ranked among the industry's top performers. CRV has offices in Cambridge, MA and Menlo Park, CA. For more information, visit http://www.crv.com.
Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company's flagship product, Zerto Virtual Replication, has become the standard for protection, recovery and migration of applications in cloud and virtualized data centers. For more information, go to http://www.zerto.com.