Dropmysite funded by 500 Startups with new acquisition target in sight
Singapore-based Dropmysite has officially announced that they are part of the 500 Startups family.By Jacky Yap 25 Apr, 2013
Founded by John Fearon, Dropmysite helps you back up your online data, such as websites, emails, chat, as well as social media. Dropmysite currently claims to back up a quarter of a billion emails and websites per day for nearly a million users globally.
While the actual amount is undisclosed, Dropmysite revealed that the investment is at 500 Startups’ usual quantum of US$25,000 to US$250,000. The investment will also see 500 startups recommending Dropmysite’s corporate email backup solution, Dropmyemail Business, to its network worldwide.
“Very few people think about backing up their e-mail, voicemail, or SMS until it’s too late, and most carriers and ISP’s can’t help you if they lose your data. Dropmysite, however, solves that problem and allows any SMB to backup their e-mail or whatever else they need simply and cost-efficiently. It’s a great cloud-based business that has the potential to go global”, said George Kellerman, venture partner of 500 Startups.
Aside from the investment announcement, Dropmysite also recently partnered up with GMO Cloud in Japan and Xpress Hosting in Mexico. Both partnerships acts as distribution channels for Dropmysite to offer its back up solution to those countries. Dropmysite also revealed that they will be announcing another reseller deal in Singapore as well as “acquisitions underway that will strengthen the product offering and consumer base of Dropmysite”.
Back in June, Dropmysite also acquired OrbitFiles as its ticket to enter North America. With this being the second acquisition by Dropmysite, it definitely made us curious.
Acquisition of companies seems to be a way for companies like Dropmysite or even BillPin to extend its reach overseas, away from this little red dot called Singapore. You might recall the acquisition news by BillPin earlier this month: it acquired its main competitor BillMonk to get access to valuable user data base as well as insights into user behaviours.
While things seems to be exciting and rosy for Dropmysite, founder John has made it public that he faces difficulties in raising a series A round in Singapore.
Earlier in March, founder John revealed in a video interview with Singapore based accelerator JFDI that in the next two to three months, the deals and partnerships which they have secured will “easily make them profitable in the next four to five months.” However, raising a series A round in Singapore is proved to be a challenge for the team.
“So basically for us, there are almost no venture capitalist in Singapore that can lead a round. It’s quite interesting because outside of Singapore, we have been able to get interests for more than $6 million dollars of funding, but they will only follow a venture capital lead. And there are no leads.”