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Carbonite Completes $15 Million Series B Financing Led by Menlo Ventures

Cliff Boodoosingh on May 07, 2007
 

BOSTON, May 7 /PRNewswire/ -- Carbonite Inc., the leading provider of online backup services to consumers and small businesses, today announced the completion of a $15 million Series B financing led by Menlo Ventures, one of Silicon Valley's oldest and most successful venture firms. Menlo Ventures joins 3i Group and Common Angels in backing the rapidly growing online backup company. Menlo Ventures Managing Director, Pravin Vazirani, will join Carbonite's Board of Directors.

According to Vazirani, "The hassle and expense of backing up one's computer has been a persistent problem since the personal computer was first introduced over twenty years ago. Carbonite has finally found a solution whose simplicity, ease of use and affordability give it mass appeal. We think that in a few years millions of consumers and small businesses will be backing up their PCs over the Internet. Carbonite's rapid growth and early market leadership shows that they've got what consumers want at a great price."

The Series B financing comes almost exactly one year after Carbonite's launch on May 1, 2006. In its first year Carbonite's revenue has climbed rapidly and the company recently backed up its one-billionth file. Used by consumers and small businesses in over 50 countries, Carbonite's data center has over 1.5 petabytes of storage. In the past year, Carbonite's customers have been able to recover nearly 100 million digital photos, documents, emails and other files that otherwise would have been lost forever.

"With so much of our lives now on our PCs, everybody is vulnerable to crashed disks, theft, damage, and accidental deletions," says CEO David Friend. "Almost everyone has a horror story about lost vacation photos, financial records, and emails. We felt that the world needed a backup service designed for consumers, not IT experts. So we decided to offer unlimited backup for a flat $50 per year. With Carbonite, there's nothing new to learn. You just sign up on the website and Carbonite does the rest. Consumers love Carbonite's simplicity. That's why we've been able to attract a top tier investor like Menlo."

Carbonite is available to consumers and small business through several channels, including its website http://www.carbonite.com, retailers such as Staples and CompUSA, and hundreds of small resellers. Friend predicts that Carbonite will soon be available anywhere that other data protection services, such as anti-virus, are sold. "Expect several exciting announcements relating to distribution over the next few months," says Friend.

Carbonite will launch a Mac OS X version this summer and a new release for the PC will include several new features that will benefit the small business user.

About Carbonite
Only a small fraction of computer users regularly back up their PCs. Carbonite, the leading consumer online backup company addresses this issue by providing safe, simple, inexpensive, automatic backup over the Internet for consumers and small businesses worldwide.

Founded in 2005, Carbonite believes that computers users shouldn't have to think about backup. The company's mission is to provide an affordable, reliable, secure and easy-to-use solution for the mainstream computer user. For more information, please visit http://www.carbonite.com.

About Menlo Ventures
Menlo Ventures provides long-term capital and management support to early- stage and emerging-growth companies. One of Silicon Valley's oldest venture capital partnerships, Menlo Ventures has organized and managed ten venture funds since its inception in 1976. With over $4 billion under management, and a team with over one hundred years of collective xperience in technology, marketing, sales and general management, Menlo Ventures has the resources to support the most ambitious of projects. The firm actively invests in the communications, Internet, networking, semiconductor and software sectors. Previous portfolio companies include Hotmail Corporation, UUNET Technologies, Infoseek Corporation, and F5 Networks. More information can be found at www.menloventures.com.



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