SugarSync Pulls in a Sweet $15M in Series D Funding
SugarSync, a freemium service that allows users to share their files and data across multiple devices, earned another very handsome round of VC money. The company raised $15 million in a fourth round of financing led by Coral Group, with participation from earlier backers Draper Fisher Jurvetson, Sigma Partners, Hatteras Venture Partners and Hercule. Coral’s Yuval Almog is the newest director on SugarSync’s board, which received a total of about $50 million in capital from investors so far.
“We see a massive opportunity in the Cloud services market as the proliferation of mobile devices continues,” said Yuval Almog, Founder and Senior Managing Director of Coral Group. “SugarSync has the most robust and complete Cloud solution for accessing, syncing and sharing files across all devices – regardless of platform. With fewer than 10 percent of all consumers using a Cloud service today, this market is poised for explosive growth in 2012, and we believe SugarSync is best positioned to capitalize on that growth.”
Solutions such as SugarSync arguably fall under the category of “cloud washing,” a phrase conceived by SiliconANGLE founder John Furrier, but they represent an innovation nevertheless. The number of end points in the average household is on the rise, and cross-platform collaboration offerings do support a ‘cloud’ of devices from this particular point of view.
Previously SugarSync decided to step up its game with an update to its mobile portfolio. It introduced an Android client, along with improvements to the existing iOS app. One of the main additions is a native text editor that offers a bit more directness to users, in addition to a more streamlined engine overall:more cloud has been put into the picture when it comes to data import and export.
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