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DataCore Software has closed a $30 million equity round to help fund its growth and distribution, particularly in the U.S.
The round brings the total VC funding for the 10-year-old, 100-employee company to just over $100 million. It comprises a minority stake by two brand-new investors, Insight Venture Partners (which also funded Platespin, Parallels, and Acronis, among others) and Updata Partners.
Past investors, who didn't participate in this round, have included Hitachi Ltd., the Intel Communications Fund, and New Enterprise Associates, among others. DataCore's last round took place in 2005.
Part of the new funding will go to paying off past VCs. But much of it will be used to broaden DataCore's channel reach in the U.S. and boost its visibility with key virtualization partners. "We want to fuel sales expansion," says CEO George Teixeira. "We've got lots of partners in Europe and Asia, and we need more in the U.S. to fuel our development."
The CEO claims to be adding at least 300 customers a quarter worldwide, and he plans to hit a total of 5,000 customers overall by the end of 2008. The influx has helped DataCore to turn profitable over the last few months. While the company boasts many U.S. customers in a range of vertical markets, though, there is heavy representation in Europe, where DataCore sells enterprises like ABN Amro, Fujitsu Telecom Europe, and PriceWaterhouseCoopers in Belgium. Presently, DataCore makes nearly 60 percent of its sales in Europe. Getting better penetration stateside is the call.
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