Code42 Snares Huge $85M Series B Investment

Code42, the Minneapolis-based developers of the Crashplan enterprise backup tool, announced a massive $85 million round today. Code42 doesn’t do them small. It has had only one previous round for $52.5 million at the beginning of 2012.

The company could have gotten more if it wanted it, according to CEO Joe Payne. “This was the amount of money we needed for the next stage of our growth,” he said. They were reluctant to take more and risk diluting existing shares.

Code42 went with two big rounds separated by several years, but this could be it says Payne. “This is the last private round we need to do. It gives us years of runway and capital to invest in our business,” he said.

The round was led by JMI Equity and New Enterprise Associates, Inc. (NEA). Existing investors Accel and Split Rock Partners also participated. Today’s investment brings the total to $137.5 million over the two rounds.

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Read the release here.