Dropbox rival WeTransfer downloads $25m investment

Highland Capital Partners Europe has led the investment, and will be installing partners Tony Zappala and Irena Goldenberg to the WeTransfer board.

Since setting up in 2009, WeTransfer has accumulated 70m users. According to a statement, it became profitable in 2013 and doubled revenues in the last year.

Under the leadership of Bas Beerens, CEO at the business, WeTransfer has developed a service allowing users to share files over the internet and is set to be “something their parents could use” by the startup’s founders. It service is free for up to 2GB, with packages available to send 10GB transfers.

Commenting on WeTransfer’s first major institutional funding round, Beerens said: “Funding isn’t something we’ve proactively looked for, but having been approached by a significant number of investors from across the globe in the past two years, we realised there were bigger opportunities to grow as a service and a brand.”

Beerens added that, alongside the $25m, Highland Capital Partners Europe will be able to provide expertise on building out the company’s brand and offering.

Prior to investing in WeTransfer, Highland Capital Partners Europe had become known for making investments in businesses including British businesses Matchesfashion.com and Brandwatch.

Read more on recent funding rounds:

WeTransfer said it will now be looking to build on its partnership strategy in the US, with new products and experiences set to follow.

Zappala said that WeTransfer represents an “amazing” bootstrapped company. “We look forward to working with them to continue making WeTransfer a fun, productive and intuitive experience, which wows its users every time.”

Rival company Dropbox has raised $1.1bn since the seven year-old business began fundraising in 2007. Its investors include Accel Partners, Sequoia Capital and Salesforce Ventures.

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