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Venture Capital

MSP Funding: Electric Raises $40M for IT Support Software Development

Electric,​ an MSP with in-house software development, raises $40 million led by Greenspring Associates. Electric CEO Ryan Denehy explains what’s next.

MSP Software Provider Atera Raises $25M From K1

Atera CEO Gil Pekelman explains IT management software company’s MSP business strategy amid $25M investment from K1 Investment Management.

SaaS Application Management Startup Torii Raises $10M

Torii raises $10M to automate the discovery, spend optimization, operations & compliance of SaaS applications. SaaS Alerts & Augmentt also in market, focused on MSPs.

MSP Sales Automation Software Startup Zomentum Raises $13M

Zomentum, which develops sales automation software for MSPs & IT channel partners, raises $13M from Elevation Capital, Accel & Greenoaks.

Salesforce Cloud Backup Provider OwnBackup: Newly Minted Unicorn

Most SaaS backup providers focus mainly on Microsoft 365 & Google Workspace (formerly G Suite). OwnBackup, led by Sam Gutmann, bet the business on Salesforce data protection.

Pax8 Raises $96 Million to Expand Cloud Marketplace Technology Platform for MSPs, IT Professionals

MSP cloud marketplace provider Pax8 raises $96 million from Catalyst Investors, Sageview Capital, Blue Cloud Ventures & Liberty Global Ventures.

MSP Sales Automation: Cloud Startup Zomentum Raises $4.1 Million

Zomentum raises $4.1 million from Accel & SAIF Partners for MSP sales automation software platform. Zomentum CEO Shruti Ghatge explains the strategy.

Robotic Process Automation (RPA) Funding: UiPath Reaches $10B Valuation

UiPath funding arrives as robotic process automation (RPA) rivals like Microsoft & IBM make acquisitions. Can RPA really automate all businesses?

Kaseya, Veeam Parent Insight Partners Invests In OwnBackup

Cloud business continuity provider OwnBackup raises $50 million from Insight Partners, Salesforce Ventures & Vertex. Insight also backs Kaseya, Veeam, Spanning Cloud & Unitrends.

Wasabi Raises $30M; Amazon AWS S3 Cloud Storage Alternative Gains MSP Momentum

Wasabi Technologies raises $30 million & gains momentum as Amazon AWS S3 cloud storage alternative. MSPs embrace Wasabi to store Veeam backups and more.