Allows for Continued Focus on Growth Initiatives
CAMPBELL, Calif. – November 19, 2013 – Leading file-sharing service Hightail (formerly YouSendIt) today announced it has secured $34 million in Series E funding. The company will use the capital to execute growth initiatives ranging from international expansion to broader strategic investment opportunities.
The round was led by Western Digital Capital, with new investor Accolade Partners joining existing backers, including Alloy Ventures, Sevin Rosen, Emergence Capital, Adams Street Partners and Sigma Partners. Hightail has received a total of $83 million in funding.
This new funding allows Hightail to take further advantage of the expanding cloud services opportunity, which is expected to reach $220 billion by 2020 according to research from GigaOm.
“This is a tremendous milestone for Hightail and we’re thrilled to have both new partners like Western Digital Capital, as well as our returning investors, on board,” says Brad Garlinghouse, CEO of Hightail. "In a market where valuation is clouded by ‘hype’ we continue to keep the focus on improving our products and strategic partnerships with companies who share our same vision."
“We are pleased to have led this financing round and look forward to helping the company expand its cloud storage and collaboration platform,” said Mark Long, president, Western Digital Capital. “We believe Hightail is addressing an important and growing market opportunity and we’re excited to continue to support innovation and growth of the storage ecosystem.”
Hightail continues to be well positioned to take advantage of the rapid growth in this space with 67 percent of IT leaders looking to put collaboration in the cloud, according to Forrester. The company recently announced its rebrand from YouSendIt to Hightail, which was accompanied by a completely redesigned experience for the more than 40 million global users that are already using Hightail, including 98 percent of the Fortune 500 companies, across its website, desktop and mobile apps.
Hightail believes in a solution that allows customers to control, track and most importantly, find and manage, their content regardless of the cloud service and device being used, and doing it in the most secure way possible. Hightail most recently acquired adeptCloud, a file sharing and collaboration company focused on security, control and privacy.