Splashtop becomes latest tech company to achieve unicorn status
Splashtop, a remote access and remote support company, has closed a USD50 million financing round that takes its valuation above the USD1 billion mark.
The round was led by Sapphire Ventures, with participation from investors including NEA, DFJ DragonFund and Storm Ventures, which specialises in helping US and European startups accelerate growth.
The company opened EMEA headquarters in Amsterdam in 2020. It also launched a Germany-based cloud data centre, expanded its payments methods to support EUR and GBP currencies, and hired a local team in Europe.
Meanwhile, Splashtop also opened an APAC base in Singapore, in order to connect with countries there, including Japan. "Our sustained profitability and growth – which accelerated during the Covid-19 pandemic – demonstrate that Splashtop's modern approach to remote access is making a real difference in how, where and when people can use the digital resources they need to work, learn and be entertained, from anywhere," said Mark Lee, co-founder and CEO of Splashtop.
The funds will be used for increasing brand awareness, expanding the company's footprint, which has been profitable since 2015 - as well as speeding up global expansion. Its current growth rate stands at 160 per cent while profits are at 60 per cent.
Splashtop is at the forefront of the “working from anywhere” trend, according to Ryan Floyd, founding managing director of Storm Ventures, which has been an investor in the company since its series-A round.
Jai Das, president and partner of Sapphire Ventures, noted that Splashtop has demonstrated substantial metrics and profit margins. "Its secure remote access solution has been essential for businesses of all sizes during the pandemic, and we anticipate will be critical far beyond as where and how people work has been forever reimagined," he said.
Splashtop currently works with 85 per cent of Fortune 500 companies, such as Disney, FedEx, General Electric, Marriott and Toyota.