Rubrik Doubles Valuation to $3.3 Billion

Today it was announced cloud data management company Rubrik has raised $261 million in Series E funding at a $3.3 billion valuation. 

Doubling the Company’s Valuation

The most recent round was led by Bain Capital Ventures and saw participation from existing investors LightSpeed Ventures, Greylock Partners, Khosla Ventures, and IVP. At $3.3 billion, the new round of funding more than doubles Rubrik’s previous valuation of $1.3 billion, which was reached when the company raised $180 million in Series D funding last April. To date, Rubrik has raised more than $553 million after five rounds of funding. 

Innovating a Unicorn

The most recent round of funding makes Rubrik one of the highest valued companies in enterprise software. This is largely due to the fact Rubrik has become one of the key players in the data management area of backup and recovery. One of the most important innovations Rubrik created was the ability for company’s to allow their on-site servers to backup to the cloud. Such innovation allowed Rubrik to join the ranks of unicorn startups more than two years ago. 

Innovating for the Future

The new round of funding will reportedly be used for further innovations as well. In the company release Rubrik CEO Bipul Sinha stated, “Our previous fundraising in 2017 was focused on global expansion and increasing our reach into the enterprise market. Now, with thousands of customers around the world, industry-leading customer satisfaction ratings, and numerous analyst and industry awards, we have customers asking us to solve new challenges. This new capital will speed the introduction of exciting new products in 2019 that will solve those customer challenges and significantly expand our strategic footprint in the enterprise.”

A Top-Tier Startup

According to NetPromoter, Rubrik has a customer satisfaction rating of 82%, which is among the highest in the industry. Along with this rating, the company’s also enjoys a customer satisfaction with customer service rating of 98.6%. Currently, Rubrik has over 1,400 employees across the globe, and in 2018, Rubrik was ranked in the top 10 of LinkIn’s Top Startups for the second year in a row. 

Satisfied Investors

To those most familiar with the company, it’s no wonder Rubrik enjoys such success. According to Bain Capital Ventures partner Enrique Salem, “Rubrik has won the trust and loyalty of large enterprise customers around the globe by offering a simple and reliable solution that solves the challenge of protecting and managing data in a hybrid cloud world.”  It is just such sentiment which seems to ensure Rubrik is well positioned to enjoy continued success well into the future.

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