FileCloud Closes $30M Series A Led by Savant Growth to Address Growing Demand for Enterprise Security, Compliance and Workflow Automation

Rhea-AI Summary

FileCloud has successfully raised $30 million in Series A funding, led by Savant Growth Fund I LP, with additional participation from Kennet Partners. The company has also secured a $10 million growth capital facility from Avidbank. This funding aims to accelerate innovation and support global market expansion. Notably, Ray Downes has been appointed as CEO and Peter Melerud as Chief Revenue Officer, both hailing from Kemp Technologies, which was recently acquired for $258 million by Progress Software (NASDAQ: PRGS).

Positive

• Raised $30 million in Series A funding, enhancing financial position.
• Secured additional $10 million growth capital facility from Avidbank.
• Appointment of Ray Downes as CEO and Peter Melerud as Chief Revenue Officer, bringing experienced leadership.
• Funding aimed at accelerating innovation and market expansion.

Negative

• None.

• Kennet Partners also participated in the round, along with a $10 million growth capital facility with Avidbank
• Ray Downes joins as CEO, Peter Melerud as Chief Revenue Officer—both from Kemp Technologies
• Funding will accelerate innovation and global market expansion

AUSTIN, Texas--(BUSINESS WIRE)-- FileCloud, a leading, hyper-secure content collaboration platform used by enterprise organizations around the world, today 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.

Ray Downes, CEO of FileCloud (Photo: Business Wire)

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 (NASDAQ: PRGS).

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.”

For more information about FileCloud and Savant Growth, please visit www.filecloud.com and www.savantgrowth.com.

About FileCloud
FileCloud is a hyper-secure content collaboration platform (CCP) that provides industry-leading compliance, data governance, data leak protection, data retention and digital rights management capabilities. Workflow automation and granular control of content sharing across most enterprise platforms are fully integrated into the complete CCP stack. The platform offers powerful file sharing, sync, and mobile access capabilities on public, private, and hybrid clouds. FileCloud is headquartered in Austin, Texas. FileCloud is used by millions of users around the world, including top Global 1000 enterprises, educational institutions, government organizations, and managed service providers. For more information, visit www.filecloud.com.

About Savant Growth
Savant Growth is a data-first growth equity firm that invests in bootstrapped, founder-led, high-growth B2B SaaS and tech-enabled services businesses. The firm combines 30 years of investment experience with a data-driven, entrepreneurial approach to bring together talent, companies, and capital for transformational outcomes in large, high-growth markets. The firm uses SaleSavant, its proprietary natural-language processing and machine learning software to help identify companies and teams that match its success predictors for its portfolio. Savant Growth generally targets companies with annual recurring revenue of $5 million to $15 million and typically invests in both minority and majority positions of $10 million to $50 million as the first institutional investor. Savant Growth believes it provides unique operating leverage to portfolio companies with its proprietary software and services for prospect identification (SaleSavant) and engineering resources to augment development initiatives (DevSavant).

View source version on businesswire.com: https://www.businesswire.com/news/home/20211214005096/en/

Treble

Sarah Armstrong

filecloud@treblepr.com

Source: FileCloud

FAQ

What was the total funding amount raised by FileCloud in its Series A round?

FileCloud raised $30 million in its Series A funding round.

Who are the new executives appointed at FileCloud?

Ray Downes was appointed as CEO, and Peter Melerud joined as Chief Revenue Officer.

What is the purpose of the $10 million growth capital facility secured by FileCloud?

The $10 million growth capital facility is intended to support FileCloud's innovation and global market expansion.

Which firm led the Series A funding round for FileCloud?

The Series A funding round for FileCloud was led by Savant Growth Fund I LP.

What company acquired Kemp Technologies for $258 million?

Kemp Technologies was acquired by Progress Software (NASDAQ: PRGS) for $258 million.