Published on March 7th, 2013 | by Ted Liu0
PHD Virtual raises $4 million from Insight, Citrix and Wellington
PHD Virtual intends to use new funds to fuel technology innovation and drive sales, expansion into Europe and product development initiatives.
“With more than 5,000 customers worldwide and its rapid growth over the last three years, PHD Virtual has demonstrated it is a leader in the virtual backup and monitoring solutions space,” said Mark Usher, Partner of Wellington Financial. “PHD has all of the makings of a world class company and we are very excited to add them to our portfolio of high growth innovation companies.”
“With a consistent record quarter over quarter growth we are excited others validate our position in the virtual and cloud backup arena and see the huge potential in our growing business and the vast opportunity in this market segment,” said James Legg, President and CEO, PHD Virtual. “We truly value our partners in Insight, Citrix and Wellington and appreciate the confidence they have in our ability to continue to expand our efforts and surpass the 10,000 customer mark.”
PHD Virtual previously has raised undisclosed amount from Insight Venture Partners and Citrix.
About the Author
Ted Liu Ted is an editor of CanadianPrivateEquity.com and Research Director for CVCA - Canada's Venture Capital and Private Equity Association. Ted has been following Canadian venture capital and private equity industry since 1993.