SAN MATEO, CA--(Marketwire - Jul 6, 2011) - Cloud computing leader CloudShare announced today that it has finalized a third VC funding round of $10 Million. The round was led by Globespan Capital Partners and joined by existing investors Sequoia Capital, Charles River Ventures and Gemini Israel Funds. CloudShare was founded in 2005 and has now raised a total of $26M in three investment rounds.
Along with the funding, Dave Fachetti, a Managing Director at Globespan Capital Partners, has joined CloudShare's Board of Directors. "CloudShare solves a big pain for IT professionals in the simple and quick solution it provides for creating complex cloud-based IT environments," said Fachetti. "CloudShare's approach to cloud computing is disruptive in the way it turns traditionally complicated tasks of setting up server environments into a casual effort." In Joining CloudShare's Board, Fachetti will leverage his combined experience as a founder, operating executive and venture capitalist to advise CloudShare through its current rapid growth phase on the way to becoming a global leader in cloud platforms.
CloudShare will use proceeds from this investment round to expand its sales presence and further strengthen its market leadership position in the cloud-based test, development, demo and training of SharePoint applications. The company has seen rapid growth of its customer base to more than 50,000 users worldwide.
"Since we first funded CloudShare the company has seen great traction in the cloud based application development and testing market," said Randy Ditzler of Sequoia Capital. "CloudShare is quickly positioning itself to become a leader in this space and I believe that the accelerated rate at which the company is moving is a great indicator of its ability to deliver the best product to its customers."
"The new funding is a vote of confidence by our investors and will allow us to accelerate our growth and expand our product line," said Guri Stark, CEO of CloudShare. "Our customers love our platform and keep finding new ways to use it to make their product development faster and more efficient. We will continue to grow and improve our offerings to support the growing demand of IT professionals for cloud services."
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CloudShare Inc. is the fastest and easiest way to develop, test, demo and train on business applications in the cloud. With no capital investment in hardware or supporting IT infrastructure, developers and IT admins can quickly and easily scale up (or down) and focus on the core, most valuable, highly differentiated parts of their business. Established in 2007, CloudShare's customers include Cisco, SAP, HP, Dell, McAfee and Adobe. More information is available at http://www.cloudshare.com.