Symform, which made some waves earlier this week when it announced a new referral program in which customers can earn up to 200GB of free cloud storage, has pulled in an additional $1 million in venture capital financing.
The cash infusion follows the appointment of Matthew Schiltz — formerly of Powerit, DocuSign, General Software and CourtLink — as CEO.
Co-founder Praerit Garg tells GeekWire that the deal was a “planned continuation of the A round based” and came about after the company on exceeded “business milestones.”
“It will be used to keep pace with Symform’s rapid growth,” said Garg, the former senior director in Microsoft’s Server and Tools division.
The company declined to disclose its employee count, but a spokeswoman said they are growing. In fact, Symform is in the process of moving its headquarters this week to new offices in downtown Seattle at 1008 Western Avenue.
Symform had previously raised about $5.5 million from OVP Venture Partners and Longworth Venture Partners. The company’s model is unique in the storage business, since its back-up and cloud storage service operates a bit like a cooperative. Users of the service agree to contribute local storage from their computer systems in exchange for the amount of data they want stored in the cloud.
“Symform has reinvented cloud storage to provide better security, speed, and
redundancy at a low flat fee, said Schiltz in a release earlier this week. “No other company can match our value and we make it easy for customers to try Symform free.”
The free 200GB storage package could be a good one for small companies, since Symform notes that some storage providers pay more than $1,200 annually for that much storage.
Here’s how the company says its service compares to rivals.