MSP Rubrik Concludes Funding Round with Big Valuation

MSP Rubrik Concludes Funding Round with Big Valuation

By Steve Anderson

The managed service provider (MSP) market has been fairly well electric with new arrivals and new moves within the current field. Recently, Rubrik—one such MSP operation—announced some significant successes of its own. Not only had it recently concluded a new funding round, but it also had an impressive new valuation to sport as well.

Focusing on data backup and recovery measures in both on-premises and cloud-based operations, Rubrik has an excellent position as an MSP. It's not only closed a funding round valued at $180 million by itself, but the company's overall valuation is also on the rise. That value is now sitting at $1.3 billion overall, making it clear that someone has—rather, several someones have—a lot of faith in Rubrik.

IVP ended up leading the round, as early word indicated would be the case, though it was joined in by Lightspeed and Greylock, who each delivered new value to the company.  Though Rubrik isn't yet profitable, it's certainly got many investors' faith that this won't last forever, as just last year it was valued at $600 million following an investment round of $60 million. With the new investment, reports note, the company plans to focus on marketing efforts and engineering to fuel those marketing efforts with new products and services.

Those interested in getting a look at what's going on elsewhere in the MSP market need only turn to the upcoming MSP Expo, set to run February 14 - 16, 2018, in Fort Lauderdale. Collocated with ITEXPO, the event will bring together some of the biggest names in the MSP field, offering lectures, exhibitions, and networking opportunities for those in the field to better connect with new advances and others in the market.

Meanwhile, Rubrik has an excellent idea, but it's hard to see where this justifies this level of valuation. Sure, a remote backup option that works with both on-premises and cloud-based options is a great idea—just ask anyone who's been hit by ransomware—but aren't there already options in this field? What makes Rubrik's option so absolutely must-have that companies are laying investment in it to the tune of over a billion dollars? There's something to be said for its plan to turn prospects into paying customers with free use of a local appliance, but is this trait—which might well be duplicated by more established competitors—enough to justify a 10-figure investment?

It's good to be optimistic, and it's not like Rubrik hasn't offered cause for optimism. A billion dollars' worth of optimism, though, might be a shot too far.

Edited by Alicia Young
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Contributing Writer

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