Another $100M Boosts Valuation of Boston’s Actifio to $1.3B
[Updated 8/21/18, 2:13 pm. See below.] Actifio, a Waltham, MA-based data management startup that for years downplayed its development despite being worth hundreds of millions of dollars, has added another $100 million round of funding that brings its valuation to more than $1.3 billion, the company announced today.
The investment included nearly $59 million in equity funding, per an SEC filing. The remainder of the $100 million round was debt financing, according to a spokesman. [This paragraph added.—Eds.]
The business is among a growing list of Boston startups now considered “unicorns,” or companies valued at $1 billion or more. Just last week, Somerville, MA-based Formlabs said it had reached a $1 billion valuation. Actifio actually announced its entrance into the unicorn club in 2014, when it raised a $100 million funding round led by Tiger Global Management.
The latest financing was led by Crestline Investors. Others joining the round include North Bridge Venture Partners, 83North, Advanced Technology Ventures, Heritage Group, Andreessen Horowitz, and earlier investors. Actifio says its services are used by more than 3,000 enterprises worldwide. The company plans to use the funding for sales and marketing, as well as global growth, according to a spokesperson. About 20 percent of its sales come from global companies that are adopting public cloud platforms, the company said in a news release.
Actifio was founded 2009 with the idea of applying virtualization technology to data management—separating data backup and protection from the storage infrastructure, as Xconomy previously reported in 2013. The company’s founder and CEO Ash Ashutosh considered its progress at the time “a drop in the big ocean of where we need to go,” despite a $500 million valuation.
While the company had long considered an initial public offering, it settled instead for raising more venture funding and building the business privately.