# Carbonite

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/carbonite

- Industry: Software
- Headquarters: Boston, US
- Website: www.carbonite.com
- Total disclosed funding: $63M
- Latest round: Series D (Jan 7, 2010)
- Investors on record: 7

## About

Carbonite, Inc. provides comprehensive backup and data protection solutions, ensuring secure storage and easy retrieval of critical files for home users and businesses.Founded in 2005, Carbonite, Inc. is based in Boston, US, and specializes in data backup solutions. The company has undergone operational changes to enhance its service offerings but remains independent with no reported parent or subsidiary relationships. Michael Madan, the CEO and founder, has been pivotal in shaping the company’s vision since its inception. In August 2011, Carbonite raised USD 62.50 mn in an IPO, with total funding reaching USD 62.50 mn.Carbonite offers a range of backup and data protection solutions tailored for home users and businesses. Its flagship product, Carbonite Backup, ensures automatic cloud backups of files on computers, focusing on data recovery and cybersecurity challenges. The service targets various markets, including individual users, small to medium-sized businesses, and larger enterprises, with offerings that include plans for personal users managing up to three computers and professional users handling multiple servers. Carbonite serves clients across North America, Europe, and parts of Asia, addressing a diverse client base in need of reliable data backup.In the most recent fiscal year of 2018, Carbonite reported a revenue of USD 296.41 mn and an EBITDA of USD 53.96 mn. The company operates on a subscription-based model, offering various pricing tiers designed for individual users and businesses, which allows for flexibility based on client needs. Carbonite's partnerships with managed service providers and resellers further enhance its market presence and transaction capabilities.Carbonite aims to leverage the capital raised from its IPO in August 2011 to enhance its product offerings and expand into new geographical markets. Planned initiatives include the development of new backup solutions and enhanced cybersecurity features, with a focus on increasing market penetration in Europe and Asia by 2023. Additionally, the funding will be utilized to strengthen partnerships with managed service providers to facilitate further growth in these regions.

## Funding rounds

- Series D, Jan 7, 2010, $20M — Menlo Ventures, Crosslink Capital, Sagard Private Equity Solutions, Converge Venture Partners
- Series C, Sep 5, 2008, $16M — 3i, Menlo Ventures, Sagard Private Equity Solutions, Converge Venture Partners, Four Rivers Group
- Series B, Dec 17, 2007, $5M — 3i, Menlo Ventures, Converge Venture Partners, Four Rivers Group
- Series B, Apr 20, 2007, $15M — 3i, Menlo Ventures, Converge Venture Partners
- Series A, Sep 15, 2006, $3.5M — 3i, Converge Venture Partners
- Series A, Mar 1, 2006, $2.5M — 3i, Keiretsu Forum, Converge Venture Partners

## Investors

- 3i (https://capitalatlas.ai/funds/3i) — Series A, Series B, Series C
- Keiretsu Forum — Series A
- Converge Venture Partners (https://capitalatlas.ai/funds/converge-venture-partners) — Series A, Series B, Series C, Series D
- Menlo Ventures (https://capitalatlas.ai/funds/menlo-ventures) — Series B, Series C, Series D
- Four Rivers Group (https://capitalatlas.ai/funds/four-rivers-group) — Series B, Series C
- Sagard Private Equity Solutions (https://capitalatlas.ai/funds/sagard-private-equity-solutions) — Series C, Series D
- Crosslink Capital (https://capitalatlas.ai/funds/crosslink-capital) — Series D