Danish RushFiles lands €2.5M from Insero, Vækstfonden and North-East Venture
Managing file storage and sharing within and between companies can easily become every IT workers worst nightmare. It would only make sense everyone uses one single cloud provider instead of multiple different ones, which could results in awkward business meetings when files won’t open or frustration when important files cannot be accessed without an online connection.
Denmark based RushFiles has seen the problem and devised a solution that seems to be working well for its major Danish telecom clients, which includes names like TDC, ScanNet, Athena and Zitcom. Then again it’s not only the clients who are convinced: RushFiles just raised DKK 19 million (roughly €2.5 million) from Insero, Vækstfonden and North-East Venture.
The capital will come in handy for RushFiles who’s gazing hungrily the international markets, markets which according to analyses from Worldwide Forecasts & Analysis, Cloud Storage Market Development (2013), will grow by 40.2% from 2012 to 2018 and will consequently have annual double-digit growth rates.
“We have proved the value of the product and we have built up a good customer portfolio and feel a growing interest from abroad. We already have customers in nine countries – and more new agreements are in the pipeline. Therefore, the DKK 19 million the investors have contributed will speed up sales internationally,” explains RushFiles Director Morten Klank.
RushFiles was founded in August 2012. It provides a file sync and share, software solution for local Telcos and enables users with secure and encrypted cross-platform access from any hosted file-server with the same ease of use as Consumer Cloud storage solutions.
Major competitors are cloud services like Dropbox and Google drive.
The investment manager in Vækstfonden, Jakob Fuhr Hansen, has great expectations of RushFiles: “RushFiles has a strong team. They have deep insight into the market and have proved that they can take a good idea and bring it to the market. We see great potential in RushFiles. Their business plan is convincing and their product is in line with the megatrends that we see. It will be exciting to follow the company’s path out to new markets.”
RushFiles’ sales strategy is based on White-labelling their product forward, which helps RushFiles’ customer companies to retain their own clients by providing server capacity under their own banners.
“We have made our software flexible so our customers can brand it as part of their own service and sell it as an additional service to their customers. In doing so, they create more value for their customers which is crucial to attracting and retaining customers. At the same time, we use the partners’ brands to create a relationship with the end customers,” explains Morten Klank.
RushFiles has several features that make in an attractive alternative, such as non-offline access to files (which is possible thanks to file updates that run in the background whenever device is connected online), virtually no platform or device usage limitations (accessible from browsers, tablets and mobile devices alike) and flexible scalability among other things.
Pricing is fully dependent on the amount of users expected, as well as the level of integration of the software. Currently, RushFiles has ten employees and the company has offices in Copenhagen, Aarhus and Munich. RushFiles’ product was launched in December 2013 and today the company has customers in nine countries with the Danish company, TDC, as one of their major customers.
Source: Arctic StartUp