Dropbox rival Alfresco Software secures $45m growth finance
UK enterprise content management provider to use Sageview Capital-backed deal to “disrupt” the market
Alfresco Software, a UK competitor to the likes of Dropbox and Box, has today announced it has raised $45m in a Series A funding round led by Sageview Capital alongside existing investors Accel Partners, Mayfield Fund, and SAP Ventures; taking its total funding to date to $65m.
The deal will see Sageview founding partner Ned Gilhuly join the company’s board of directors, with Sageview principal Jeff Klemens joining as board observer.
Founded in 2005, Maidenhead-based Alfresco operates a file hosting service across cloud, mobile, hybrid and on-premise environments which helps businesses share, manage and retain content.
It currently serves more than 1800 active customers in 212 countries, managing more than seven billion documents for over 11 million users worldwide, and has secured enterprise customers such as Amnesty International, Cisco, and NASA.
With $500m alone invested in competitors Dropbox and Box in 2014, Alfresco is looking to capitalise upon the growing opportunities for enterprise content management platforms.
It intends to use the finance to increase its Go-to-Market (GTM) strategy on a global scale and intends to increase its sales team, invest in marketing and expand development of its Software as a Service (SaaS) offering.
Alfresco CEO, Doug Dennerline, said: “Alfresco is innovating at the intersection of business-critical content, process and collaboration.
“With a customer renewal rate at 90% and a strong balance sheet, we take additional funding as jet-fuel to take the company and industry to the next level in critical business services.”
Sageview Capital’s Gilhuly added:
“We are focused on providing growth capital for companies that bring an innovative approach to large market opportunities. As demonstrated by its superior growth, product strength, partner ecosystem and leadership team, Alfresco is a great fit for our portfolio.”