Investment finalized as new third party report trumpets potential of online backup space.
Carbonite, Inc., the leading provider of online backup services to consumers and small businesses, announced the closing of $5 million in Series B-2 financing lead by an anonymous Silicon Valley investor with Menlo Ventures and most of Carbonite's other investors participating.
"An investor approached us about making an additional investment in the company under the same terms as our recently completed Series B, only at a higher valuation," Carbonite CEO David Friend said. "We liked the investor and will use the proceeds to extend our runway and perhaps make additional marketing investments."
Carbonite closed a 15M Series B in May 2007 lead by Menlo Ventures, with existing investors Common Angels and 3i Group participating.
"A noted analyst firm recently reported that the online backup industry is set to grow fourfold by 2011, with revenues reaching $715 million," Friend said. "A lot of companies trying to get a piece of that pie have introduced products this week at the Consumer Electronics Show. Carbonite has been helping consumers and small businesses back up files for almost two years already. The 2.5 billion files Carbonite has backed up and 160 million files that have been restored because of Carbonite show how Carbonite is the entrenched leader in this hot industry."
Carbonite Online PCBackup™ installs with just a few clicks and runs quietly in the background, continuously backing up all data files. It is completely automatic — once installed, Carbonite finds all new and changed files and continues to back them up whenever the PC is connected to the Internet. Storage capacity is unlimited — users never outgrow their Carbonite subscription no matter how much data they have. Carbonite never interferes with the speed of the user's PC or Internet browsing. Data is encrypted before leaving the local computer and is transmitted to Carbonite's secure data center using HTTPS (SSL) for total privacy.
Carbonite launched its Online PCBackup™ service in May 2006. Carbonite's industry-first offer of unlimited backup space for a flat low price revolutionized the market for consumer and small business backup services. So far the company has backed up more than 2.5 billion files, has restored more than 160 million lost files for its customers and has a large data center where capacity is measured in petabytes. There are Carbonite users in nearly 100 countries.
Founded in 2005, Carbonite believes that computer users should not have to think about backup. The company's mission is to provide an affordable, reliable, secure and easy-to-use solution for the mainstream computer user. Carbonite is available to consumers and small business through numerous channels, including its corporate Web site, major US retailers and international distributors. For more information, please visit www.carbonite.com.