Nitro Raises US$15m Series C Funding Round to Further Accelerate Growth in the Enterprise
SAN FRANCISCO, April 4th, 2017—Nitro, the leader in document productivity solutions, today announced a US$15 million capital raise led by global investment firm Battery Ventures to further fuel the company’s global push to become the document productivity and digital transformation partner of choice for the enterprise.
Also participating in the Series C funding round were two Australian-based institutional investors, Regal Funds Management and Alium Capital, both based in Sydney.
Founded in Melbourne in 2005 and now headquartered in San Francisco, Nitro has grown significantly since its Series B round in late 2014, with enterprise sales increasing at an average of nearly 40% in 2015 and 2016. Best known as the first and leading replacement for Adobe Acrobat, Nitro’s focus on vastly improving document productivity and workflow across large organizations is paying off, with the company adding over 300 new enterprise customers in 2016 alone.
In the APAC region, Nitro’s footprint is growing rapidly, with a 55% year-on-year increase in sales in 2016 and the addition of 35 new enterprise customers, including JLL, Bluescope Steel, and the Australian Bureau of Statistics.
Sam Chandler, Nitro’s Founder and CEO, said: “We’re proud of achieving another significant milestone in Nitro’s journey. Thanks to the continued support of Battery and our new investors, we’re in a strong position to fulfill our growth ambitions in the enterprise while continuing to scale our operations globally.
“CIOs choose to work with us to accelerate digital transformation because we’re a true partner – not only do we offer solutions that solve the most common document productivity challenges while delivering measurable and meaningful ROI, we also provide a customer success and service experience that is second to none and a real value differentiator for our customers.
“Around the world, enterprises are realizing that Nitro makes businesses more secure through seamless, standardized digital workflows, more sustainable by eliminating paper-based processes, and ultimately, more productive by empowering everyone in an organization to edit, share, sign, approve, track, and collaborate on documents, saving big in terms of time and costs. This funding round will support our aggressive growth plans and further fuel our R&D efforts to continue on our mission to make documents smarter.”
Michael Brown, a member of Nitro’s board of directors and general partner at Battery, said: “Nitro has a big opportunity to disrupt the document productivity market with its innovative technology and promising product roadmap. Nitro also has a top-notch management team in place to lead the company into its next chapter in growth—including selling into large enterprises.”
Ben McCallum, Portfolio Manager at Regal Funds Management, said: “Nitro has successfully transformed from an Australian startup with an online product, to a globally respected enterprise software company providing a digital transformation platform to some of the largest companies in the world.”
Rajeev Gupta, Partner at Alium Capital, said: "Nitro's growth opportunities are driven by global enterprises demanding flexible tools for creating, sharing, and collaborating with documents. Adobe led this category for years, and we believe it is now Nitro’s time to dominate in document productivity and workflow.”
Notes to Editors
Nitro has received total funding of US$36.6m, including:
Nitro is a document productivity company. We make it simple for business teams to convert, share, sign and analyze documents anywhere on any device. Founded in 2005 in Melbourne, Australia, Nitro is used by more than 600,000 businesses, including over half of the Fortune 500. Nitro headquarters are in San Francisco, with offices around the world. Get more from your documents and make work more productive at gonitro.com
About Battery Ventures
Battery invests in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, e-commerce, digital media and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to buyout and invests globally from offices in Boston, Silicon Valley, and Israel. More info: http://www.battery.com and a full list of Battery's portfolio companies here.
About Regal Funds Management
Regal is a boutique fund manager based in Sydney, Australia. Regal manages over $1bn on behalf of investors, providing exposure to Australian and International equities. The Regal Emerging Companies Fund focuses on pre-IPO, unlisted expansion capital and listed microcap opportunities.
About Alium Capital
ALIUM is a Sydney-based investment manager catering to sophisticated investors seeking family office style flexibility and exposure. The company specialises in equities in pre-IPO investment opportunities as well as focusing on capital raisings and IPOs in the small / emerging company segment.
Tim Lele, Keep Left (Melbourne)
0411 293 176
Meaghan Shields, Tidal Wave (San Francisco)