In order to continue growth, Driva must increase its investments in technology and go-to-market efforts. The company just raised funding from the Caisse de depot et placement du Québec, which is helping the company expand its staff and invest in new technologies.
Funding round led by Caisse de depot et placement du Québec
Caisse de depot et placement du Québec, one of Canada’s largest institutional fund managers, has recently invested in a company called CleverTap. The company is an Indian-origin B2B SaaS platform. In addition to CDPQ, the company also had participation from IIFL AMC’s Tech Fund. It intends to use the money to expand its customer-enabling team, according to the press release.
Caisse de depot et placement du Quebec invests in several private equity, public equity and hedge funds globally. The company manages more than $420 billion in investments for pensions, insurance and parapublic plans in Canada. Currently, the company has 10 funds, each investing in a different industry.
The company recently partnered with Vertical Bridge on May 5, 2021. The investment is part of a US$70 million funding round led by CDPQ, along with Vistara Growth and First Ascent Ventures. They also invested in the Benson Hill Series D funding round in March 2021.
The company also announced an investment in Sama, an AI training data platform. The platform is used by Fortune 2000 companies to provide high-quality data.
The recent mega funding round by Fidelity, Neuberger and a host of other VCs has injected a jolt of life into Druva, and it hasn’t hurt that the company has a lot of money to play with. That said, despite a slew of impressive funding rounds, the big question is: how will the company navigate the treacherous waters of the next few years? Well, the good news is that Druva is no stranger to adversity. Having survived the dotcom era with aplomb, the company has been able to focus on the future, not the past. Specifically, the company has announced a slew of key hires and a refreshed account structure that puts it in the same league as the biggest and best when it comes to delivering the goods.
Despite a slew of big names in the mix, it is the small but mighty teams that drive success for the company. With a savvy approach to hiring and a keen eye on the customer, the company is set to take on a slew of high-end tech names in the next few years.
Double down on tech
A lot has changed since Druva first hit the scene. However, they’ve certainly not gone flat. In fact, they’ve shown impressive growth over the last few quarters and are the envy of many of their competitors. They’ve nailed the big three: security, customer relationship management, and customer experience. To top it off, they’ve got the best CEO in the industry. Having said that, they’re still not perfect. The biggest drawback is they’re not a single source of supply, a common problem for early stage companies. On the upside, the company has plenty of bandwidth, and can afford to be nimble.
Invest in go-to-market
Druva, a cloud software provider, has closed on its latest round of funding at $147 million, with investors such as the Caisse de Depot et placement du Quebec and Viking Global Investors. This is the second round of financing for the company, with the previous round garnering a total of $23 million. While this might not be enough to get the company listed on an IPO list, it’s enough to provide the company with some much-needed cash to grow and to give its early investors a sense that things are going in the right direction.
Druva’s CEO, Jaspreet Singh, told investors at the round that the company was working to improve its back-end processes to better serve customers. Specifically, he explained that the company was focusing on improving its financials and accounts.