Carbonite Secures $2.5M in Series A Financing

01 Mar 2006

Funding Secured from 3i and Common Angels, 3i joins Board

Boston, MA, Menlo Park, CA – March 1, 2006 – Carbonite, a provider of secure Internet-based backup for all PC and laptop owners, founded in 2005 by serial entrepreneur, David Friend, and seasoned technology executive, Jeff Flowers, announced today the completion of a $2.5M Series A investment round.  Investors included venture-capital firm 3i and angel groups Common Angels and Keiretsu Forum.  Funding will be used to expand the company’s marketing efforts worldwide.      

“This round was already fully funded when we met 3i,” said David Friend, “and we weren’t really looking to bring in a VC. However, we were so impressed with the international resources that 3i could bring to the table and their background in consumer technology that we agreed to restructure our round to make room for them.  We are thrilled to have 3i on our board and to be able to tap into 3i’s considerable resources. “

“This was an opportunity to invest with a proven team of entrepreneurs -- Carbonite is the fifth company that David Friend and Jeff Flowers have founded together.  Carbonite offers a compelling alternative to traditional methods of backing up files,” added Mikko Suonenlahti.  “Carbonite has come up with a way to make backing up your PC really simple and inexpensive.  We think this kind of backup service will become as ubiquitous as virus protection or anti-spyware,” said Mr. Suonenlahti.

Carbonite backup is available at www.carbonite.com and at Staples stores. 

About David Friend and Jeff Flowers:
Prior to founding Carbonite, David Friend and Jeff Flowers co-founded four other companies as CEO and CTO respectively: 
• Computer Pictures Corp., sold profitably to Cullinet Software, subsequently acquired by Computer Associates.
• Pilot Software, a leading producer of OLAP and decision support systems for the retail industry.  About $40M in revenues when we sold to Dun & Bradstreet. 
• FaxNet Corp., a leading provider of fax-to-email and email-to-fax services, marketed under the Verizon, US West, Ameritech, Bell South, and other phone company brands.  Sold in 1998 for about $240M.
• Sonexis, Inc., a manufacturer of CPE VoIP audio and web conferencing hardware, still private and thriving.  
David has a BA, Scholar of the House, from Yale and pursued graduate work in engineering at Princeton.  Jeff has a BS and MS in computer science from Georgia Tech.  

For further information please contact:

Rachel Richards
email. rachel.richards@3i.com
tel.  +44 207 975 3573