Druva hits $2bn valuation after close of latest funding round

Cloud data protection and management platform Druva has scored $147m in a funding round that puts its valuation at $2bn.

Caisse de dépôt et placement du Québec acted as the lead investor, with Neuberger Berman participating with a “significant” investment. Other contributions came from Viking Global Investors and Atreides Management.

The funding was raised to support its rapid scaling efforts following the rise in demand for its services. Capital has been earmarked to expand the Druva Cloud Platform to meet changing market needs, as well as to bolster its position in the market.

Druva is built for the public cloud and enables organisations to centrally protect data wherever it is stored, including cloud environments, SaaS applications, Microsoft 365 and Salesforce.

CDPQ executive vice president and CTO Alexandre Synnett said, “Rising volumes of stored data, rapid adoption of cloud and deployment of SaaS applications, regulatory frameworks and cybersecurity concerns have accelerated the demand for data protection and management solutions for businesses.

“The working-from-home dynamic experienced globally has further accentuated the need for cloud-based data protection solutions and we believe Druva is in an excellent position to seize opportunities and enhance its clients’ agility and data compliance.”

Druva founder and CEO Jaspreet Singh said, “The unprecedented events of 2020 have ushered in a generational cloud transformation for businesses, and data‘s increasing value is at the very heart of it.

“Druva pioneered the cloud data protection category almost a decade ago and has led the way in defining the architecture, business model, and user experience our customers now expect. ”

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