Matching its all-flash enterprise storage speed, growth at Pure Storage continues to accelerate, as the company has announced a $225 million Series F funding round, bringing the company to a valuation of over $3 billion.
Last August Pure raised$150 million in capital, for an estimated $1 billion valuation. The new Series F round included contributions from previous public market investors including T. Rowe Price Associates, Inc. and Tiger Global and new investor, Wellington Management Company. The new funding will support the continued acceleration of its market trajectory and international business expansion through increased investments in engineering, sales, marketing and channel partner enablement, to meet insatiable global demand for the Pure Storage FlashArray.
"This financing at a $3 billion pre-money valuation is a huge milestone for Pure Storage," said Scott Dietzen, CEO of Pure Storage. "Yes, it reinforces the health and standout growth of our business to date, but more importantly, the disruptive potential of an all-flash array that costs less than disk going forward. In 2014, no one should be buying mechanical disk to run databases or virtual machines. Our additional funding ensures that many more businesses will get the ten-fold performance acceleration and power savings of Pure Storage. With our top-quality investors and partners, Pure is well positioned for long-term independence and ultimately to lead the ferociously competitive storage market as we leave the mechanical legacy behind."
With ambitious growth goals for the year Pure Storage saw over 700 percent year over year growth in 2013, with 50 percent sequential quarterly growth, and continued aggressive international expansion, opening new offices across four continents. Its commitment to operating as a channel-centric organization has resulted in a threefold increase in channel productivity in the last year, through a multi-tiered network of more than 200 partner organizations. Recently the company appointed Kevin Delane as vice president of global alliances and business development to lead the company in developing key strategic channel and technology partnerships. As a veteran of the enterprise storage industry, Delane brings decades of sales and go-to-market experience to the company. He previously held executive leadership roles at IO and EMC.
This $225 million financing round brings the total capital raised to $470M to date for Pure Storage. The Mountain View, California company ranked number 2 in the 2014 Best Places to Work for medium-sized businesses, and was awarded a 5-Star rating in the CRN 2014 Partner Program Guide.