Cubbit, the first European provider of distributed cloud storage, whose services go beyond current market standards of security, privacy and environmental sustainability, has closed a €7 million funding round, comprising €3.5 million in equity, €2.4 million in convertible notes and €1.1 million in debt.
Founded in 2016 by four university students - Marco Moschettini, CTO; Stefano Onofri and Alessandro Cillario, joint CEOs, and Lorenzo Posani, PhD – the ambition of the co-founders is for Cubbit to be the premier provider of distributed cloud services in the world, guaranteeing the highest level of privacy by design and without use of expensive and polluting data centres.
The capital raised will support Cubbit's operations over the next 12-18 months by strengthening the commercialisation of its cloud products through domestic and international distribution agreements. During 2020, the Company has already distributed its products to its first 3,500 customers in more than 70 countries around the world and today its distributed network protects more than 15 million saved documents.
This round of funding (equity and equity-related financial instruments) includes investment by the Fondo Digitech – Azimut Libera Impresa (Azimut Group), CDP Venture Capital Sgr through Fondo Evoluzione, GELLIFY, the shareholders of IAG (Italian Angel for Growth, whose vehicle also includes the holdings Moffu, Ulixes Capital and 10x Club of Federico Pistono), the Family Office of Massimo Prelz Oltramonti. Primo Ventures and Techstars - one of the most active global investors with 9 Unicorns in its portfolio - are reinvesting in the company. The debt capital will be provided by Invitalia's through the startup incentive programme Smart&Start.
Few companies in the world are intercepting the trend of distributed cloud, and we are the first in Europe - says Stefano Onofri co-CEO and co-founder of Cubbit- The entry of qualified and influential financial partners shows that it is possible to develop Web 3.0 solutions also on this side of the planet. We are, in fact, seeing great interest from the most innovative Italian and European companies to adopt our solutions, while the US keeps being the market where we have most (40%) of our users.“
Alessandro Cillario, co-CEO and co-founder of Cubbit, adds: "The deployment of Cubbit Cells will boost the domestic and international expansion of B2B and Enterprise distributed storage solutions. In addition, Cubbit will continue its R&D activities dedicated to both new product development and high-performance SaaS solutions. The raising of this capital will allow us to position ourselves among the players who are building Web 3.0 internationally".
"Cubbit has the potential to revolutionize the world of cloud with a distributed solution that can guarantee companies and individuals efficiency, security, privacy and environmental sustainability at the same time. This unique proposition in a booming market has convinced IAG partners to invest in a team of high quality, in an Italian project but immediately of international scope," say Marco Becca and Nicolò Manaresi, Champion IAG in this investment.