FileCloud raises $30M to accelerate innovation and global market expansion
FileCloud announced that it has raised a $30 million Series A led by Savant Growth Fund I LP with participation from Kennet Partners. In addition, the company raised a $10 million growth capital facility with Avidbank.
The investment will support the company’s continued innovation and rapid market expansion, both domestically and throughout international markets.
FileCloud also announced the addition of two notable industry veterans to lead its expansion efforts. Ray Downes joins the company as Chief Executive Officer after a decade leading Kemp Technologies, a former portfolio company managed by Savant Growth’s investment team.
Joining him will be Kemp co-founder Peter Melerud as Chief Revenue Officer, spearheading FileCloud’s go-to-market initiatives. Under their leadership, Kemp transformed from an SMB-focused load balancer vendor to a market-leading application experience company that was acquired in November for $258 million by Progress Software.
In addition, Eric Filipek, managing partner and co-founder of Savant Growth, will join FileCloud’s board of directors.
“Savant Growth’s investment in FileCloud is a testament to its many years of impressive organic growth,” Filipek said. “The company represents an excellent opportunity to partner with an impressive founding team and seasoned leadership with whom I have worked to realize substantial stakeholder returns.”
“This Series A funding comes at a time of rapid growth for FileCloud and will help us capitalize on the increasing market opportunities to meet escalating customer demand,” said Madhan Kanagavel, founder, president and CTO. “I am incredibly proud of our success bootstrapping the business to where it is today, and I can’t wait to begin this next phase of our journey. We are excited to partner with the new investors and welcome the arrival of Ray and Peter as they join our leadership team.”
“Our market research showed the content collaboration and secure file sharing space is evolving at an accelerating pace and has been in need of an innovative entrant like FileCloud to address the specific demands by enterprises around security, compliance and workflow automation,” Filipek said. “From the very first engagement with Madhan Kanagavel and his founding partners, we saw firsthand their passion and focus on solving complex customer challenges that resulted in FileCloud maturing into a unique, highly capable CCP platform.”