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File sharing service Hightail nets $40m Series E round

20 Nov 2013

computer code softwareFile-sharing service Hightail has raised $34m in a Series E round led by Western Digital Capital.

The round was also backed by existing investors including Alloy Ventures, Sevin Rosen, Emergence Capital, Adams Street Partners and Sigma Partners and new backer Accolade Partners.

Hightail said the funds will help it capitalise on the rapid growth in the cloud services market, which is expected to reach $220bn by 2020. The service is currently used by more than 40m users including 98 per cent of the Fortune 500 companies.

Western Digital Capital president Mark Long said, “We are pleased to have led this financing round and look forward to helping the company expand its cloud storage and collaboration platform.

“We believe Hightail is addressing an important and growing market opportunity and we’re excited to continue to support innovation and growth of the storage ecosystem.”

The copmpany#s new investor, Accolade, has recently closed its fourth fund of funds on $150m after 16 months on the road.

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