Cloud Email Management Firm Will Use Funding to Support US Expansion And to Drive Innovations in Corporate Email
Mimecast, a provider of cloud-based email archiving, security and continuity solutions for Microsoft Exchange and Office 365, today said that is has secured a massive $62.15 million in Series C funding
Mimecast was founded in the U.K in 2003, by CEO Peter Bauer and CTO Neil Murray, and started selling its first service in 2004. Since then, company says it has amassed over 6,000 customers around the word, and has enjoyed 50 percent year on year revenue growth in six of the past nine years.
The company had revenue of $33.6 million in its 2011 fiscal year, and $50 million for its 2012 fiscal year. Since 2003, the company has raised a total of $95 million.
While pushing impressive growth numbers already, the company wants to accelerate its growth even further and plans to use the new funding to speed the development and deployment of new technology, and to support plans for rapid expansion in the U.S. market.
Additionally, Mimecast says that it plans to use the investment to drive innovations in corporate email, and will focus on “using its Software-as-a-Service technology to create an Information Banking platform that allows businesses to unlock the inherent value stored within corporate email.”
“Today’s businesses are as dependent on email as ever but, increasingly, email struggles to keep up as the way we create, store and share information changes,” Peter Bauer, CEO and co-founder, Mimecast. “At Mimecast, we believe email needs to be rewired if it is to continue to deliver real value to businesses.”
“We are working to make email more collaborative and more interactive to realize the true value of the vast amount of unstructured data in email stores,” Bauer added. “We believe that the future is a more interactive archiving model, where IT folk and end users alike can derive more value in real time, on a day-to-day basis on any technology platform they choose to use.”
The funding was led by Private Equity Firm Insight Venture Partners, with existing investor Dawn Capital also participating in the roud.