Fabrik lands $24.9m in series D funding led by 3i
Acclaimed 3i Venture Capital Firm Helps Fabrik Accelerate Expansion into New Product Categories and International Markets
San Mateo and Santa Ana, Calif., May 15, 2007 – Fabrik, Inc. (www.myfabrik.com), the provider of innovative storage and content management services, today announced that it has secured $24.9 million in series D funding, which is earmarked to help it expand into international markets and develop new product categories to transform the way people store, manage, access, find and share their personal and professional content. This latest round of funding was lead by 3i, the renowned global leader in private equity and venture capital, and included investment from continued partner ComVentures, a leading mobile, Internet and enterprise applications venture capital firm based in Silicon Valley.
In addition to the funding, Fabrik benefits from the leadership and experience of 3i, which operates internationally and is known for building and connecting a diverse network of leading global companies for enhanced growth and profitability. As part of this strategic round of funding, Jim McLean, partner of 3i, will join Fabrik’s board of directors. In this role, he will impart fresh insights and strategies, and help the company leverage 3i’s global business networks in the U.S., Asia, Israel and Europe.
“When investing in companies, 3i looks for a strong management team, a strategic and differentiated business model, and the potential for significant market expansion – Fabrik has all the above,” said Jim McLean, partner at 3i. “Fabrik has a unique and multi-dimensional approach in the way it plans to build and deliver its solutions. The company’s strategy has made it a very attractive investment for us. Fabrik is an ideal addition to our global portfolio of innovative technology companies that deliver relevant and needed solutions to the consumer market.”
“Fabrik is bridging the ever-widening gap between consumers and their ability to easily consolidate, manage and utilize their content,” said Keyur Patel, partner of ComVentures and co-founder of Fabrik. “The company understands the complexity and challenges in addressing these consumer pain points and it’s emerging as the leader in personal media management. We see tremendous growth in Fabrik – both in the short-term and long-term – making them a solid prospect for our continued investment.”
“We’re enthusiastic about the latest funding round from 3i and ComVentures. Helping users easily store, manage and better utilize their content is the underpinning of our business, and it will continue to drive our continued expansion into new markets. This sizeable investment from two leading VC firms is a powerful endorsement of our vision, strategy and execution,” said Mike Cordano, co-founder and CEO of Fabrik. “Although we're profitable from operations, this added capital accelerates our growth, and allows us to more quickly expand in the U.S and international markets as well as into new product categories. The company is now well positioned to grow organically, through acquisitions or via new partnerships driven by our expanded network of leading international companies.”
Previous investors in Fabrik include ComVentures and Intel Capital Corp.
Notes to editors
About Fabrik, Inc.
Fabrik’s mission is to simplify a user’s digital experience whether at home, on the Web or on the road by delivering a blend of online services, software and devices that help consumers store, access, manage, protect and share their growing collections of digital content. The company’s flagship product iswww.myfabrik.com, which is marketed directly to consumers and through partnerships with global market leaders. Fabrik’s line of SimpleTech-branded products include external, portable and network storage solutions as well as flash memory cards, USB flash drives and memory upgrades. For more information, please visit www.myfabrik.com or www.simpletech.com. Fabrik Inc., founded in 2005, is a privately owned company with offices in San Mateo and Santa Ana, California.
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