Venture “L” in Q4 Bounces Back in Q1 While HPE Throws Some Cash Around
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Q3 venture funding kept a healthy pace with $275M in total funding across 12 rounds with an average round size of $25M. Upthere had the largest round, bringing in $77M in their first announced round and promising a new level of personal data storage and management across all your devices. Western Digital and Kleiner Perkins led the Upthere round. Rubrik came in second in Q3 funding raising a 3rd round of $61.1M with Druva not far behind raising a 5th round, $51M.
Q3 2016 ends on a high note with the Nutanix IPO raising $238M and the stock more than doubling from the initial pricing of $16.00. Current market capitalization is around $4.8B or roughly 10x trailing twelve months’ revenue. Last quarter revenue grew by 87% Y/Y to $139.8M with losses of $49.9M. The top line growth is certainly impressive but the market will be looking for markers to profitability in the coming quarters. Q3 Storage M&A was highlighted by the following: