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Venture-backed Pure Storage seals biggest ever funding round for storage company

29 Aug 2013

data storage_lrgVenture capital-backed flash storage business Pure Storage has sealed the largest private financing raise in the storage industry’s history by netting $150m through a Series E round ahead of its IPO.

The round, which values Pure Storage at more than $1bn, was led by T Rowe Price, Tiger Global Management and other public market investors according to a statement from the business.

Previous venture backers Greylock Partners, Index Ventures, Redpoint Ventures, Samsung Ventures and Sutter Hill Ventures also took part, bringing the company’s total capital raised to $245m.

Pure Storage said it planned to use the funding to continue expansion of its European and Asia-based operations, grow its sales, support and marketing teams and increase R&D investment.

T Rowe Price portfolio manager Henry Ellenbogen said, “We are very selective in the private companies that we choose to invest in.

“In our view Pure represents a rare combination of disruptive innovation, strong leadership, and strong growth.

“In particular, customer references were excellent. We look forward to working with Pure as they scale and strive toward becoming a public company.”

London-based Index Ventures led an oversubscribed $40m Series D round for Pure Storage 12 months ago.

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