Boston Roundup: CloudLock, HubSpot, Ministry of Supply, EMC
[Updated 9:40 a.m.] Some fundraising and annual financials to spice up your midweek:
—CloudLock, a Waltham, MA-based seller of data security software for businesses, has raised a $16.5 million Series C round. The investment was led by Bessemer Venture Partners, with previous backers Cedar Fund and Ascent Venture Partners also contributing. The company last raised VC money in early 2012, when it closed an $8.7 million Series B round, and says it now has more than 600 customers paying for its software.
—HubSpot, a Cambridge, MA-based online marketing software company, has released another annual report with some glimpse at its financial performance. CEO Brian Halligan writes that Hubspot took in $77.6 million in sales last year, an increase of about 48 percent from the $52.5 million that it reported last year (Halligan rounded it up to 50 percent in his version). HubSpot declined to describe its losses, but told me last year that it lost in the neighborhood of $15 million for 2012. The company has raised more than $100 million in venture funding and says it (still) plans to go public in the near future.
—Ministry of Supply, a Boston-based maker of men’s dress clothes that feature advanced fabrics, has raised a new round of financing—but it’s not saying much about the deal. The MIT-bred startup filed paperwork Tuesday indicating a new $3.8 million equity sale, which could grow to about $4.5 million. Here’s where it gets a little murky: Ministry of Supply announced a $1.1 million seed round last September, led by Tony Hsieh’s Vegas Tech Fund, and I can’t tell whether this filing incorporates that investment. Co-founder Aman Advani said the company is working on new products, but he wouldn’t supply more details, citing commitments to investors.
—EMC, the biggest company in Boston’s technology sector (NYSE: EMC), said that it plans further layoffs this year. In an SEC filing, the company said its “restructuring plan” would cost it up to $120 million and be mostly complete by the end of the first quarter. The company tells the Boston Business Journal that the number of layoffs should be about 1,000, but that it also expects to end 2014 with about the same number of employees it started the year with—roughly 60,000. [Added this item.]