Rubrik Raises $261 Million Series E Funding at $3.3 Billion Valuation to Expand into New Data Management Markets
Bain Capital Ventures Is a New Investor in the Current Round, with Strong Participation from Existing Investors Lightspeed Ventures, Greylock Partners, Khosla Ventures and IVP
Rubrik, the Cloud Data Management Company, announced a $261 million Series E investment at a $3.3 billion valuation with new investor Bain Capital Ventures, and with strong participation from existing investors Lightspeed Venture Partners, Greylock Partners, Khosla Ventures, and IVP. This brings total equity raised to more than $553 million.
“Rubrik has won the trust and loyalty of large enterprise customers around the globe by offering a simple and reliable solution that solves the challenge of protecting and managing data in a hybrid cloud world,” said Enrique Salem, former CEO at Symantec and Partner at Bain Capital Ventures. “When we met Bipul, we were instantly impressed with his vision as well as the skill and tenacity of his team. Given my experience leading the largest enterprise data protection company, we are confident that Rubrik is positioned to win and be the market leader in enterprise cloud data management.”
“Our previous fundraising in 2017 was focused on global expansion and increasing our reach into the enterprise market. Now, with thousands of customers around the world, industry-leading customer satisfaction ratings, and numerous analyst and industry awards, we have customers asking us to solve new challenges,” said Bipul Sinha, Co-founder and CEO at Rubrik. “This new capital will speed the introduction of exciting new products in 2019 that will solve those customer challenges and significantly expand our strategic footprint in the enterprise.”
Rubrik will use the new funding for general corporate purposes, continued future innovation, and to support the launch of major new products planned for 2019. These new products will further capitalize on the sweeping enterprise transition to public cloud and the explosion of data. IDC estimates the overall data management market spend at $48 billion. Rubrik will also expand investment in go-to-market activities with the Company’s partners including Microsoft, Cisco, AWS, SAP, Nutanix, Oracle, VMware, Google Cloud, Pure Storage, and others.
Rubrik 2018 Highlights
- Expanded Leadership: Rubrik welcomed Microsoft Chairman John W. Thompson and Chairman Emeritus and former CEO of Cisco John Chambers as a board member and a board advisor, respectively. The company also expanded its executive team with several high profile hires from leading technology companies, including: Chief Financial Officer Murray Demo (Atlassian), CIO Avon Puri (VMware), Chief Legal Officer Peter McGoff (Box), Chief People Officer Jeff Vijungco (Adobe), SVP of Product & Strategy Shay Mowlem (Splunk), and SVP of Finance & Strategy Kiran Choudary (Atlassian).
- Enterprises Worldwide Trust Rubrik: Customers include ASL Airlines, Bioverativ, CarePoint Health, CARFAX, CBRE, Cisco, Clouditalia, Digital River, Empire Life, Expedia, Frost Bank, France Télévisions Publicité, JE Dunn, Jones Lang LaSalle, NWS Holdings, Omnitracs, Sphero, Stora Enso, The Scottish Government, TiVo, Totaljobs, UC San Diego, U.S. Department of Commerce, US Department of Defense, US Department of Energy, Willis Towers Watson.
- Relentless Product Innovation: Rubrik’s rapid growth has been bolstered by a number of new products and solutions, including the launch of Polaris, the award-winning and first SaaS platform of record for enterprise data, and Rubrik Andes 5.0, the most comprehensive release to date of the Company’s core Cloud Data Management solution. Rubrik also deepened its partnership with Microsoft through the launch of Rubrik Accelerator for Microsoft Azure, an offering purpose-built for Azure to provide enterprise data protection and application mobility across data centers to Microsoft Azure cloud.
- Industry Recognition: Over the past year, Rubrik received several prestigious awards celebrating the company’s innovation, market adoption, and culture. For the second year in a row, the company won the VMworld Best of Show Award for both the U.S. and Europe, as well as its third consecutive Gold Award, in Security, for its new SaaS-based Application, Polaris Radar. In November 2018, Rubrik was recognized as a 2018 Gartner Peer Insights Customers’ Choice for Data Center Backup and Recovery Solutions. For the second year in a row, Rubrik was named to the Forbes Cloud 100 and recognized in the top 10 of LinkedIn’s Top Startups list.
- Customer Success: Rubrik has one of the highest customer satisfaction ratings in the industry with a NetPromoter™ Score of 82 (relationship score measured on product and support) and a 98.6% customer satisfaction score for customer support. Additionally, 100% of Rubrik’s support team is certified by CEMPRO. Rubrik support also received back to back Northface Scoreboard awards for excellence in customer service.
- Deepened Commitment to Partners: Since launch, Rubrik has sold its solutions 100% through channel partners. This year, Rubrik deepened its commitment to the channel through the introduction of the Rubrik Velocity Channel Partner Program, which provides new and expanded opportunities for partners to capitalize on Rubrik’s momentum and massive market opportunity.
- Global Operations: Rubrik has over 1,400 employees worldwide. Furthermore, Rubrik provides global 24×365 support with three locations in the US, plus locations in Ireland, the Netherlands, India, and Tokyo.
“Rubrik has differentiated itself as the industry pioneer and leader in the large and growing cloud data management market at an unprecedented speed,” said Ravi Mahtre, Partner at Lightspeed Venture Partners. “We believe Rubrik will fundamentally change the way enterprise IT operates over the next decade. That’s why it is one of the capstone investments in Lightspeed’s global portfolio.”
“In less than five years, Rubrik has delivered on its vision to simplify how businesses around the world keep and use their data, resulting in unprecedented growth,” said Asheem Chandna, Partner at Greylock Partners. “We’re proud to continue to closely partner with Rubrik on their journey ahead, towards continued rapid business scaling and further extending their leadership position in cloud data management.”
Recommended Read: Interview with Joelle Kaufman, CMO, Dynamic Signal