Steek S.A. Raises $8 mn ln funding

Steek S.A. raises $8 mn ln funding

Provider of online storage platforms to Telcos will use funding to deliver new UGC-based services in converged mobile/fixed environment

Wednesday, July 30, 2008

PARIS, FRANCE: To finance its further development, Steek S.A. the specialist in online storage softwares has just raised $8 Million in a second round of financing with AGF Private Equity and Innovacom, its original investor.

This second round of financing follows a $4Million “A round” realized mid-2006 which enabled the company to develop its technology and expand in Europe. In total, Steek has 1.5 million users of its online backup and storage services with more than 15 ISP and OEM partnerships.

“User Generated Content (UGC) is growing exponentially and this content needs to be saved and shared. We empower ISP to offer UGC-based services to their customers.”

But increasingly users do not want to be tied to a their PCs or a fixed broadband connection.

“Steek will use the new investment along with its experience and expertise to deliver innovative new UGC-based services in a converged mobile/fixed environment. We also want to reinforce our presence in North America” explains Christophe Camborde, Steek CEO.

The Steek roadmap is full. The renewed confidence of our existing investor and the support from our new shareholder will support our ambitious plans for growth. We may also consider appropriate acquisitions.”

For Guillaume Lautour, Partner of AGF Private Equity: “The management team of Steek showed us the relevance of its business model, its strong experience, its ability to execute and its ongoing commitment to innovation. We are happy to provide additional means to quickly capitalize on the exponential development of the online storage market”.

Jacques Meheut, Innovacom VC General Manager and Partner commented : “We renew our confidence in the management of Steek whose vision of the online storage market has now been confirmed. We have the firm conviction that the strong position that Steek now holds will continue to develop over the time thanks to their drive towards multi-device convergence.

©CIOL Bureau