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Vinny Smith’s Toba Capital leads $10m Series C for Quorum

12 Nov 2013

data storage_lrgQuest Software founder Vinny Smith’s venture firm Toba Capital has led a $10m Series C round for disaster recovery as a service (DRaaS) specialist Quorum.

Airtek Capital also participated in the round alongside undisclosed angel investors.

Quorum will use the funds to expand sales and marketing of its one-click backup, recovery, and continuity services.

The company noted that the global DRaaS and BC market is projected to surge to $5.77bn by 2018 from $640.8m this year, according to research firm MarketandMarkets.

Toba Capital venture partner Walter Angerer said, “The demand for innovative disaster recovery solutions that minimize downtime is fueling unprecedented growth in the DRaaS market.

“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.”

Last month Toba led a $13m Series B financing round for data security business Dataguise.

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