Oodrive Technologies

Mar 29, 2017

Iris Capital backs Oodrive with 4m By Iris Capital has invested €4m in French software as a service company Oodrive Technologies. Oodrive is a specialist in remote backup, online file sharing and collaboration. It provides services for more than 6,000 customers including Fnac, France Telecom and Completel. “The company has been very successful achieving 100 per cent growth in the last year,” said Jean-Stéphane Bonneton of Iris. “Online backup is becoming mainstream, and is especially attractive for small companies. Oodrive’s secure file transfer services have also been successful since they are addressing a real need for larger companies. They provide an alternative to email systems, which can’t send very big files, and FTP which is neither secure nor very user friendly.” Launched in 2004, Oodrive expects to achieve €4m turnover this year. This is its first round of venture capital; previously it has raised just €1m seed funding from business angels. The investment will be used to fund research and development, and to help Oodrive expand internationally. “Oodrive is already the largest company in this market in France, and has strong potential to become the European market leader,” said Bonneton. The company has already grown through the acquisition of Mayetic, a provider of online collaborative workspaces, in 2006. It is considering further acquisitions to allow it to penetrate other European markets, and expects to double its workforce – currently around 60 people – by 2009. SUBSCRIPTION REQUIRED To view the deal details,  Sign in  or  subscribe . SHARE