Data migration firm intends to grow after funding boost
A Christchurch tech start-up eyes growth in Asia-Pacific and the United States after securing funding.
Couchdrop, which is a data migration company founded in 2019, closed an investment round with New Zealand venture capital fund Punakaiki, but wouldn’t say how much it got.
The company offered two products, Couchdrop SFTP, for secure file transfers and Movebot, for large file transfers.
Couchdrop said its customers include major UK media companies and leading US universities and it has partnered with cloud storage provider, Dropbox.
Founder Michael Lawson said the business, which has been profitable “virtually from day one”, has traditionally waited for customers to come see it, but wants that to change.
“We have some pretty big ambitions and we’re looking at developing that outbound capability. This will most likely be done through hires in the US, not only will we be growing our support team there, but we’ll be looking at developing a sales team,” he said.
“There are a lot of companies that have a real need for this and there are a lot of technical partners that are looking for a tool and we know that.
“We’re told that all the time and we’re going to build the capacity to go and hunt them,” Lawson said.
He estimated that around 80% of customers would still be inbound through partners such as Dropbox.
Lance Wiggs of the Punakaiki Fund said he was delighted to welcome Lawson back as the first and second company founder for the fund.
“Michael and his co-founders are excellent at creating elegantly simple, deeply technical software for solving deceptively difficult problems involving large amounts of data.
“As with their previous company, Linewize, this means their customers are able to perform their tasks with a simple interface and hidden power,” he said.
Following the deal, Punakaiki now owns 17.9% of Couchdrop’s shares.
Lawson said the company is targeting revenue of $10 million to $15 million over the next two years.