Data residency-as-a-service startup company InCountry raised another $18 million as part of its initial Series A funding. The additional financial support comes as the tech company continues to grow its revenue, with the startup now being valued at “north” of $150 million, states Tech Crunch.
The additional funding round consists of a mix of existing and new investors coming from a variety of backgrounds. The investment round is led by Caffeinated Capital as well as Mubadala Capital from Abu Dhabi’s Mubadala Investment Company.
Besides Caffeinated Capital and Mubadala Capital, a new investor in Accenture Ventures was also added to the list. Accenture Venture joins InCountry’s existing pool of investors such as Arbor Ventures, Bloomberg Beta, Felicis, Ridge Ventures, and Team Builder Ventures.
In an interview with Tech Crunch, founder, and chief executive officer of InCountry Peter Yared state that Accenture Ventures is a leading channel partner of the firm, with the investor being a key figure in selling and distributing its software “as part of bigger data management and integration contracts.”
The additional $18 million in funding brings InCountry’s overall capital to $39 million, as mentioned in its press release. Its new funding aims to further the startup’s global expansion and address the growing need of companies to use Software-as-a-Service (SaaS) to store data locally.
As stated in its press release, the startup firm is doubling down on its operations as numerous companies worldwide, particularly in nations such as Vietnam and the United Arab Emirates (UAE), are hindered from operating as usual with its failure to comply with updated and more specific local data regulations in line with business expansion strategies.
In a statement, Yared said, “The pandemic has accelerated the move to cloud globally. It’s more important than ever for businesses to offer online access to their services using best of breed SaaS solutions, without being blocked from using SaaS due to country-specific data restrictions. We’re seeing an immediate need in various regions throughout the globe, and will use our new funds to accelerate services that support these rapidly growing markets.”
Founded in 2019, the data residency-as-a-service company has expanded its operations exponentially, servicing 90 countries from the initial 65 in the last year. It specializes in providing guidance and services to companies regarding local Software-as-a-Service use, as well as local data storage and compliance.
According to Tech Crunch, InCountry currently has an impressive list of customers under its belt, including the likes of Mambu, Salesforce, Segment, ServiceNow, and Twilio, as well as other businesses hailing from other industries such as stock exchange, banks, and pharmaceuticals.