Veeam Lands $500M to ‘Dominate Multi-Cloud Data Management’

Data management company Veeam Software scored a $500 million investment led by Insight Venture Partners with participation from Canada Pension Plan Investment Board.The funding comes on the heels of Veeam competitor Rubrik closing a $261 million funding round at a 3.3 billion valuation. And it’s yet another signal that the data management sector is hot.Veeam specializes in backup and disaster recovery, and its software runs in on-premises data centers and across multiple clouds. The company says it brings in about $1 billion in sales per year and has more than 325,000 customers, adding 50,000 new customers every year. Eighty percent of the Fortune 500 use its software, Veeam claims.Prior to this funding round, the Baar, Switzerland-based company had raised $32 million. This included $17 million from its founders and $15 million from Insight Venture Partners, which holds a minority stake in Veeam. The company also had more than $800 million in cash before the latest funding round, “so we didn’t need the money to continue growing,” said Ratmir Timashev, co-founder and EVP of sales and marketing for Veeam. But, he added the additional $500 million “means we don’t need to go IPO and we still have currency for our R&D as well as M&A.”In November, the company said it would invest $150 million to expand its main research and development (R&D) center in Prague, adding 500 new software developers to its 3,600-employee base worldwide.