BitTitan Raises $15 million in Funding to Accelerate Rapid Growth

Written by doylet
June 9, 2016

“Our founders have literally thrown would-be investors out of our lobby previously, but decided now is the right time to accept investment that will help propel our company forward,” said Rocco Seyboth, vice president of product and marketing at BitTitan.

Cloud services innovator BitTitan is taking a big step forward this week with the acceptance of a $15 million in Series A funding.

The investment from TVC Capital and Tao Capital Partners marks the first time that BitTitan, which was formed in a basement nine years ago, has accepted seed money from outside sources. The company plans on using the investment to fuel expansion overseas and help accelerate the development of its cloud services enablement platform, MSPComplete.

Seyboth said the company has been growing at a sustained rate of between 50-100 percent in recent years and needs the money to keep up with growth. The size of the company is literally doubling every two years and will soon reach 300 employees.

A leader in the cloud services brokerage (CSB) market, BitTitan simplifies cloud service delivery with MSPComplete, which helps IT service providers to sell more cloud products, onboard customers to the cloud, and create reoccurring revenue. BitTitan supports many leading cloud ecosystems including Microsoft, Amazon, Google and Dropbox, according to the company. The company’s products are used by more than 3.5 million users working in more than 75,000 organizations scattered across more than 125 countries.

In May, BitTitan announced that all migrations to Microsoft SharePoint Online would be free for BitTitan partners that leverage MSPComplete. Before that in February, the company announced that today announces the launch of two new products that expand its MSPComplete Service pillar, Concierge and MissionControl for Office 365.

The deal with TVC Capital and Tao Capital Partners will help it stay on track as it preps for big news slated later this summer at the Microsoft Worldwide Partner Conference.

“We’ve accepted the money to help expand our business and to support partners and their efforts to move more people to cloud,” he said.

To date, BitTitan works with approximately 7,500 partners, helping them broker cloud services for customers.

In conjunction with the investment, Steve Hamerslag, managing partner at TVC Capital, will join BiTitan’s board of directors, according to the company. Hamerslag has a history in enterprise software development and is expected to help BiTitan identify new opportunities and shore up its existing operations.