Code42 today announced that it has secured $85 million in Series B funding.
This financing round was led by new investors JMI Equity, a growth equity firm focused on investing in leading software and services companies, and global venture capital firm New Enterprise Associates, Inc. (NEA).
Existing investors Accel and Split Rock Partners also participated in the financing, increasing their combined ownership in the company. This brings the company’s total funding raised to more than $137 million.
Code42 has doubled its enterprise Software-as-a-Service (SaaS) revenue year-over-year, led by global enterprise-wide deployments.
Code42 boasts among its 37,000 business customers seven of the ten world’s largest technology companies, 10 of the 20 most valuable brands in the world and seven of the eight Ivy League colleges and universities in the United States.
Code42 president and CEO Joe Payne said he was thrilled to welcome “world-class investors JMI and NEA”.
“We protect the most important information for the world’s largest enterprises; and our record growth is being driven by Code42’s unique approach to security and encryption, dominance protecting Macs in the enterprise and unmatched scalability,” he continued.
“This funding enables us to grow even faster in endpoint backup and accelerates our efforts to build analytics and actionable intelligence on top of the historical archive of end-user data.”
JMI Equity founder and managing partner Harry Gruner praised Code42 for its “modern approach to endpoint backup”.
We are impressed with Code42’s ability to meet stringent data protection and privacy requirements by allowing customers to control encryption keys wherever their data is stored—public cloud, private cloud or in a hybrid model,” he said.