Tresorit, a Swtzerland- and Hungary-based cloud encryption company, secured €11.5 million Series B financing from a consortium led by 3TS Capital Partners, a leading European growth capital investor focused on technology and communications. PortfoLion, a Central European venture capital fund, also participated in the round.
In a blog post following the announcement, Tresorit’s CEO Istvan Lam commented company’s future plans include product enhancements, such as control features and password recovery, as well as launch of Tresorit Send, a standalone file sharing platform. Additionally, part of the funding was used for acquisition of existing shares.
Tresorit helps SMBs and enterprises store and share files and documents in the cloud. End-to-end encryption ensures secure and regulatory-compliant (particularly GDPR and HIPAA) data transfer. The service is packaged in a user-friendly interface. Growing threefold over the past three years, Tresorit is adopted by more than 17,000 customers worldwide.
“Tresorit’s service is critically important for customers in light of the growing number of data breaches reported on a daily basis,” said Jozsef Kover, Partner at 3TS and prospective Tresorit board member.
“The company has already established itself as a leader in its market and is experiencing strong, consistent growth,” he added.
In the preceding 2014 funding round, Tresorit raised $3 million from Euroventures Capital Advisory and two Hungarian high net worth investors.
