Led by Toba Capital, Series C Round Will Support Company's Continuing Efforts to Meet Growing Demand for Innovative DRaaS Solutions.
Quorum®, the leading provider of one-click backup, recovery and continuity for the midmarket, today announced that it has raised $10 million in Series C funding to support the company's momentum in the DRaaS market. The round was led by Toba Capital and joined by Airtek Capital Group and angel investors.
Like the Series B round completed in March, proceeds from this funding round will be used to expand sales and marketing of Quorum's one-click backup, recovery, and continuity appliance and DRaaS solutions. Monies will also be set aside to support engineering with additional headcount to increase productivity as demand grows.
This latest round of funding is marked by a shift in leadership and an addition to its board that reflect the company's rapid and aggressive growth. Walter Angerer, a venture partner at Toba Capital, has stepped in as interim CEO, bringing with him extensive experience in the disaster recovery industry, as well as a penchant for innovation that falls in line with Quorum's own. Prior to his position at Toba Capital, Angerer served as senior vice president and general manager for Quest Data Protection. Angerer also held a number of positions at Symantec, including vice president responsible for NetBackup engineering. In his new role, Angerer will focus on increasing Quorum's momentum in the market to help expand sales and strengthen the company.
In addition, Paul Sallaberry will join Quorum's board of directors, bringing with him decades of experience in helping early-stage companies achieve exponential growth. Over the years, Sallaberry has served on a number of boards, including Quest Software, Acquia and Moovweb. His expertise in worldwide sales, marketing and services will help drive forward Quorum's one-click backup, recovery and continuity technology as the company prepares for its next phase of growth. And, indeed, there is no question that growth is on the horizon: According to market research company MarketandMarkets, the global DRaaS and BC market is estimated to grow from $640.8 million this year to $5.77 billion by 2018. This represents a CAGR of 55.2 percent over the time period.
"The demand for innovative disaster recovery solutions that minimize downtime is fueling unprecedented growth in the DRaaS market," said Angerer. "The new funding means we can focus additional efforts on advancing our DRaaS and appliance solutions and increasing our market presence globally to adequately meet this opportunity."
Quorum's unique one-click backup, recovery and continuity DRaaS and appliance solutions have been lauded by industry luminaries as "disruptive," challenging traditional disaster recovery solutions from the likes of Symantec, EMC and other legacy players. Indeed, Quorum's ability to provide assured, one-click recovery in minutes is a boon to midmarket businesses, for which one hour of downtime can cost almost $216,000, according to Aberdeen Group.
Quorum® (quorum.net) provides assured, one-click backup, recovery and continuity, helping businesses safeguard their revenue, customers and reputation. The award-winning Quorum series of appliance and hybrid cloud solutions makes continuity a reality for the mid-market, letting them recover from any type of disaster within minutes. Most importantly, Quorum is simple and cost-effective. If your company avoids just 30 minutes of downtime, the Quorum solution pays for itself. The company is headquartered in San Jose, Calif.
Quorum, One-Click Recovery and the Quorum logo are trademarks or registered trademarks of Quorum, Inc. in the United States and other countries.