INSUBCONTINENT EXCLUSIVE:
Tresorit, the Swiss-Hungarian company that provides end-to-end encrypted &file sync and sharing& for businesses, has closed €11.5 million
The round is led by European growth capital investor 3TS Capital Partners, alongside PortfoLion, a Central European venture capital.A number
of existing investors also participated, such as Andreas Kemi, an early investor in LogMeIn and co-founder of Scala Business Solutions, and
Márton Anka, founder of LogMeIn
I also understand the round included some secondary funding, meaning not all of the cash has entered Tresorit balance sheet.Operating in
the enterprise cloud storage and collaboration market, Tresorit provides what it describes as zero-knowledge encryption technology and
unique encryption key management
The high level pitch is that the company is able to offer on-premise equivalent security for businesses while offering the type of simple
user experience we have come to expect in consumer apps
It serves more than 17,000 customers and says it has grown recurring revenue by an average of 3x every year in the last three
years.Meanwhile, Tresorit will use the new Series B funding to further accelerate this growth by tapping into what it says is rising demand
for secure cloud solutions, in light of a plethora of high profiles security breaches seen at major enterprises in recent years
This will include beefing up its management team with the aim of scaling up marketing and sales, and establishing new channel partners.&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,& says Tresorit founder and CEO Istvan Lam.He also says there is large
market potential in channeling traditional IT expenditure into the cloud, citing a recent Deloitte survey indicating that traditional IT
expenditure still accounts for two-thirds of all IT spending, while only one-third goes towards IT-as-a-service.&Many enterprises are
holding back from migrating to the cloud due to security and privacy concerns
With security guaranteed by end-to-end encryption, more businesses can and will choose Tresorit cloud solution,& adds Lam.To that end,
Tresorit recently launched a Beta version of &Tresorit Send,& a standalone file sharing product that offers a secure and encrypted
alternative to unreliable file transfer sites and email attachments
The idea, presumably, is for the product to act as a shop window for the Tresorit user experience and the company broader end-to-end
