Tresorit, which provides end-to-end encrypted “file sync and sharing” for businesses, has closed its Series B round on €11.5m.
The round was led by European growth capital investor 3TS Capital Partners, with participation from PortfoLion and a number of angel investors.
Founded in 2011, the Swiss-Hungarian company operates in the enterprise file sync & sharing market. It provides what it calls zero-knowledge encryption technology and unique encryption key management, which guarantees on-premise equivalent security for businesses while offering consumer-grade simplicity. It serves more than 17,000 customers and says it has grown recurring revenue by an average of 3x every year in the last three years.
With the Series B funding, Tresorit plans to broaden its management team, scale up marketing and sales teams and work with new channel partners to further expand its global reach.
“We are at an inflection point with our business as awareness regarding data protection and cybersecurity threats is getting stronger and demand is set to grow exponentially for our service in and outside of Europe,” said Istvan Lam, Founder and CEO of Tresorit.
“There is a large market potential in channeling traditional IT expenditure into the cloud. A recent Deloitte survey indicates that traditional IT expenditure still accounts for two-thirds of all IT spending, while only one-third goes towards IT-as-a-service. Many enterprises are holding back from migrating to the cloud due to security and privacy concerns. With security guaranteed by end-to-end encryption, more businesses can and will choose Tresorit’s cloud solution.”
With GDPR introducing strict requirements on how businesses should manage personal data, Tresorit helps users work with files that need protection under the new law while providing data protection measures to ensure compliance.
Tresorit recently launched a Beta version of “Tresorit Send,” a standalone file sharing product that offers a secure and encrypted alternative to unreliable file transfer sites and email attachments.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
