Mimecast eyes growth with Series C funding

Fast-growing vendor secures $62m funding as it plans for aggressive expansion

UK-based security vendor Mimecast has secured $62.15m (£38.35) in Series C funding as it looks to increase technology innovation and grab a larger slice of the US market.

The funding is led by global private equity firm Insight Venture Partners with support from existing investors Dawn Capital.

In addition to growing business within the European, American and South African markets, the vendor is looking to invest in corporate email technology, using its SaaS technology to create an information banking platform that allows businesses to make the most of their emails.

Mimecast has enjoyed rapid growth since its inception in 2003, with more than 50 per cent revenue growth recorded in six of the past nine years.

The firm has more than 6,000 customers globally, including 70 per cent of the UK’s top law firms, and more than 1.5 million users worldwide.

Peter Bauer, co-founder and chief executive of Mimecast, said: “Today’s businesses are as dependent on email as ever, but increasingly, email struggles to keep up as the way we create, store and share information changes.

“At Mimecast, we believe email needs to be rewired if it is to continue to deliver real value to businesses. Building on our history of innovation, we are working to make email more collaborative and more interactive to realise the true value of the vast amount of unstructured data in email stores.

“We believe that the future is a more interactive archiving model, where IT folk and end users alike can derive more value in real time, on a day-to-day basis on any technology platform they choose to use.”

Jeff Lieberman, managing director of Insight Venture Partners, said: “Email is the most important means of business communication and better than anyone else, Mimecast delivers a true integrated solution for secure and accessible email.

“We believe that Mimecast is poised to achieve high growth and become the global leader in unified email management. Insight is delighted to share in this journey with management and existing shareholders.”