Shadine Taufik · · 1 min readSG-founded cybersecurity firm reaches $3.5b valuation after $250m raise
Acronis, a Singapore-founded cybersecurity firm, has raised US$250 million in its latest funding round that pushes its valuation to US$3.5 billion, Bloomberg reported. Global asset manager BlackRock is reportedly one of the participating investors.
The company will use the fresh funds for hiring and acquisitions.
In May, Acronis was valued at US$2.5 billion after raising an identical US$250 million in a previous round. Goldman Sachs was one of its previous investors.
Founded in 2003 by Serg Bell, Acronis is currently headquartered in Switzerland with 34 offices worldwide, catering to 750,000 businesses across over 150 countries.
The firm offers cyber protection solutions covering backups and protection, as well as enterprise file syncing and sharing solutions.
In May, Acronis announced that it would funnel US$50 million into Vietnam, where it will set up an office and R&D center by 2023.
The global cybersecurity market is set to grow to US$376.3 billion by 2029 at a compound annual growth rate of 13.4%.
Editing by Samreen Ahmad and Lorenzo Kyle Subido
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