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March 14, 2014

Wheelings & Dealings: ownCloud Secures $6.3 million in New Round of Funding

ownCloud, Inc. has secured $6.3 million in Series A funding led by Devonshire Investors and previous investor General Catalyst Partners. John Raguin, managing director, Devonshire, has now joined the tech company’s board where he previously served as a board advisor.

ownCloud develops the file sync and share open source project of the same name that gives companies their own file storage facility on-premises to securely share, sync, and store sensitive data. The platform provides a solution to view and sync information like contacts, calendars, and bookmarks across different devices and enables basic editing on the web.

The company will use its new funds to expand on marketing, sales, and development in the US and European markets. According to the company, ownCloud has more than a million users worldwide, which it will be aiming to expand greatly with this new round of funding.

“Getting this funding from Devonshire and General Catalyst is validation that we are solving a real problem,” said Markus Rex, CEO, ownCloud in a statement. “With all the concerns about data privacy and security, and the continuing proliferation of BYOD (bring your own device) in companies, it is critical for companies to get back control of their sensitive corporate data, they can do that with ownCloud.”

“We are very excited about ownCloud’s penetration into the enterprise file sync and share market, both through their robust and growing community, as well as the customers they've been attracting,” said Devonshire’s John Raguin ahead of joining the ownCloud board. “This funding will enable ownCloud to grow even more quickly in this hot, very critical market.”




Edited by Cassandra Tucker
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