Tresorit, the Cloud Encryption and Collaboration company, which provides end-to-end encrypted file sync & sharing for businesses, announced today that it has closed an €11.5 million Series B financing from a consortium led by 3TS Capital Partners and PortfoLion. Several prominent existing investors, such as Andreas Kemi, early investor in LogMeIn and Márton Anka, Founder of LogMeIn, also participated in the round. Part of the funding was used for acquisition of existing shares.
Tresorit already serves more than 17.000 customers and has grown its recurring revenue base on average by 3x every year in the last three years. The company now aims to further accelerate its growth by building on the rising demand for secure cloud solutions that protect against data breaches, and will use the new round to broaden its management team, to scale up marketing and sales teams and to work together with new channel partners to further expand its global reach.
“We are at an inflection point with our business as awareness regarding data protection and cybersecurity threats is getting stronger and demand is set to grow exponentially for our service in and outside of Europe. There is a large market potential in channeling traditional IT expenditure into the cloud. With security guaranteed by end-to-end encryption, more businesses can and will choose Tresorit’s cloud solution” said Istvan Lam, Founder and CEO of Tresorit. “We are confident that this funding round and scaling insights from our new capital partners will help us build a global brand and cement our position as the leading cloud encryption company. As part of our mission to enable all organizations to work safely in the cloud, we have recently launched the Beta version of , a standalone file sharing product which offers a secure and encrypted alternative to unreliable file transfer sites and email attachments.”