Quorum Raises $10 Million in Series C Round, Total Reaching $31 Million

Quorum, Inc., provider of backup, recovery and continuity for the midmarket, has raised $10 million in Series C funding to support the company in the DRaaS market.

The round was led by Toba Capital and joined by Airtek Capital Group and angel investors.

Like the Series B round completed in March, proceeds from this funding round will be used to expand sales and marketing of Quorum’s one-click backup, recovery, and continuity appliance and DRaaS solutions. Monies will also be set aside to support engineering with additional headcount to increase productivity as demand grows.

This latest round of funding is marked by a shift in leadership and an addition to its board that reflect the company’s rapid and aggressive growth.

 Walter Angerer, a venture partner at Toba Capital, has stepped in as interim CEO, bringing with him experience in the DR industry, as well as a penchant for innovation that falls in line with Quorum’s own. Prior to his position at Toba Capital, he served as SVP and GM for Quest Data Protection. He also held a number of positions at Symantec, including VP responsible for NetBackup engineering.

In addition, Paul Sallaberry will join Quorum’s board of directors, bringing with him decades of experience in helping early-stage companies achieve exponential growth. Over the years, he has served on a number of boards, including Quest Software, Acquia and Moovweb. His expertise in worldwide sales, marketing and services will help drive forward Quorum’s one-click backup, recovery and continuity technology as the company prepares for its next phase of growth.

According to market research company MarketandMarkets, the global DRaaS and BC market is estimated to grow from $640.8 million this year to $5.77 billion by 2018. This represents a CAGR of 55.2% over the time period.

“The demand for innovative DR solutions that minimize downtime is fueling unprecedented growth in the DRaaS market,” said Angerer. “The new funding means we can focus additional efforts on advancing our DRaaS and appliance solutions and increasing our market presence globally to adequately meet this opportunity.”

Quorum’s one-click backup, recovery and continuity DRaaS and appliance solutions have been lauded by industry luminaries as “disruptive,” challenging traditional DR solutions from the likes of Symantec, EMC and other legacy players. Its ability to provide assured, one-click recovery in minutes is a boon to midmarket businesses, for which one hour of downtime can cost almost $216,000, according to Aberdeen Group.