Zerto, a US-based business continuity software provider backed by conglomerate Access Industries’ Israel-based subsidiary ClalTech, increased its series E round to $70m yesterday.
The company had raised $50m in a January 2016 growth equity round led by Institutional Venture Partners before adding $20m in additional funding led by CRV and backed by undisclosed existing investors, which include ClalTech, 83North, Battery Ventures, Harmony Partners, RTP Ventures and US Venture Partners (USVP).
Zerto produces business continuity and disaster recovery (BC/DR) software that helps companies protect and transfer virtualised workloads between private, public and hybrid clouds.
The company will put the series E capital toward product development and growth in unspecified key regions and sectors. It expanded its presence in the healthcare and financial services industries in the first quarter of this year.
Ziv Kedem, chief executive of Zerto, said: “This additional financing enables us to continue long-term growth and product development untethered by incremental funding needs.
“Instead we are now able to focus on expanding product features targeted at making BC/DR simpler and more effective for companies making moves to the cloud who must ensure that critical operations are maintained regardless of any outage, be it natural, criminal or common error.”
Zerto has now raised $130m altogether. ClalTech, RTP, 83North, Battery Ventures, Harmony Partners, USVP and individual investor Mark Leslie all contributed to the series E round’s $50m first tranche.