Venture Capital

Splashtop achieves USD 1 billion unicorn valuation


Remote-desktop software company Splashtop has been valued at USD 1 billion after closing a USD 50 million…

Remote-desktop software company Splashtop has been valued at USD 1 billion after closing a USD 50 million financing round.

The funding round, which was announced on 27 January, was led by United States venture capital company Sapphire Ventures.

Participants in the funding round included early-stage venture capital firm Storm Ventures, DFJ DragonFund and NEA.

This is Splashtop’s first funding round for the last decade, with its last round raising a total of USD 49 million.

“Our sustained profitability and growth—which accelerated during the COVID-19 pandemic—validate that Splashtop’s modern approach to remote access is making a real difference in how, where and when people can use the digital resources they need to work, learn and be entertained,” said Splashtop’s co-founder and CEO Mark Lee in a statement.

Lee added: “We’re fundraising now at unicorn valuation to amplify our brand and momentum so we can attract talent, expand our enterprise presence, and accelerate our global expansion to delight customers everywhere.”

Providing remote support software to enterprises, academic and research institutions, government agencies, small businesses and others, Splashtop has a cloud-based offering and has over 30 million users.

The company, which has been profitable since 2015, has a current growth rate of 160% and profits of 60%.

Sapphire Ventures’ president and partner Jai Das said that he anticipates “the adoption of Splashtop to continue to climb. Its secure remote access solution has been essential for businesses of all sizes during the pandemic, and we anticipate will be critical far beyond as where and how people work has been forever reimagined”.

In a press release announcing the funding round on 27 January, Splashtop emphasised the role the Covid-19 pandemic has played in an increased demand for its offering “and appreciation for Splashtop’s solutions, including among larger enterprises”. Furthermore, Splashtop has served 85% of Fortune 500 companies over the last year, including Disney, FedEx, Marriott, GE and Toyota.

O’Melveny & Myers acted as legal counsel to Splashtop on the funding round. Its advisory team comprised mergers and acquisitions partner and head of the Silicon Valley office, Paul Sieben, counsel Martin Mayo and associate Amit Atai.

The future of remote and homeworking was considered by Dechert in November.

Utah-headquartered company Ivanti leveraged its own remote working offering via various acquisitions in October last year.


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