So far, 2015 is shaping up to be an eventful year for BetterCloud. In less than 3 months, we’ve announced a new product for Office 365, rebranded the company, and introduced real-time DLP functionality for Google Drive.
And this morning, we’re sharing more exciting news: BetterCloud just closed a $25 million round of financing, led by Accel Partners and with participation from all of our existing investors. Read more about the announcement in TechCrunch.
Going through the fundraising process forces you to take a step back and reflect on how your business has performed and how you got to where you are. At the same time, it serves as a catalyst to look forward, set goals, and think about how how you’d like to evolve.
We’ve been through this process before, but this time was different—with more experience under our belts, a number of things about the business and the exciting market we’re in have become very clear.
The rise of / migration to / adoption of cloud office platforms is the most important trend in IT for over 20 years
The shift to cloud office platforms represents a critical pivot for IT since this technology is used by every user in an organization. The cloud office market barely existed 6-7 years ago, and today, every IT department in the world is planning its move to either Google for Work or Microsoft Office 365. According to Gartner, “The number of business users provisioned, in whole or in part, with office systems capabilities from the cloud will grow at around 28% a year to 695 million users by 2022, constituting around 60% of the total office systems users by then.”* We believe cloud office platforms will be the hub for cloud IT and the rest of an organization’s cloud services will hook in like spokes off of the core infrastructure. Everyone in the world goes to work in the morning and lives in their messaging and collaboration applications, making the cloud office the nerve center for every organization.
*Gartner, “How to Evaluate Google Apps for Work Versus Microsoft Office 365,” Jeffrey Mann and Achint
Aggarwal, January 28, 2015
BetterCloud was very early to the cloud office market and is now unique and central to this fast growing market
Because of our learnings and data we’ve gathered from working with our 50,000+ customers and 200+ partners, we have become the foremost experts on the two major cloud office platforms: Google for Work and Office 365. We’re in a position where we are working with some of the most forward-thinking IT professionals who are driving change inside of their organizations, partners that are shepherding these organizations through these changes, and a team that is born in the cloud and is passionate about building problem-solving solutions. Over the years, our customers have provided us with incredible insights and use cases, giving us the benchmarking data to recommend best practices, which we’re working hard to productize and scale.
The long-term vision for the company continues to be validated and supported at every step of the journey
We have a big vision for the future and are really just getting started. I always tell the team that this is going to be a marathon and not a sprint. We’re still in the early stages of this major shift to the cloud, and despite tremendous adoption metrics, the use of cloud office platforms is just starting to move from the early adopter stage to the early majority. We plan to use our current position as a launching point for even more innovation in the cloud insights, management, and security space. We have taken a number of big risks recently and the market continues to validate that the direction we’re moving in is the right one. So we will continue to evolve and aggressively go after our big vision.
With this investment, we know that the expectations of our company and team are higher than they’ve ever been, and we welcome that. We will continue to work to solve the problems of and innovate for the thousands of IT professionals that rely on us to get their jobs done every day.
We’ll have more exciting product news a little later this year, so stay tuned. We’re also always looking for great people to join our team, so even if you don’t see a good fit on our careers page, feel free to get in touch (email email@example.com and let us know what you’re looking for).
This is going to be a fun journey. Thank you for all the support.