An Australian-born startup that’s declared itself as the main challenger to Adobe Acrobat has wrapped up $US15 million in series C funding.
Multinational investment firm Battery Ventures led the latest capital raising round for Nitro, with Sydney’s Regal Funds Management and Alium Capital also contributing.
“Nitro’s growth opportunities are driven by global enterprises demanding flexible tools for creating, sharing, and collaborating with documents. Adobe led this category for years, and we believe it is now Nitro’s time to dominate in document productivity and workflow,” said Alium Capital partner Rajeev Gupta.
The startup, which was born in Melbourne in 2005, has now received a total of $US36.6m in institutional investments. Its series B in 2014, also involving Battery Ventures, saw $US15 million come in, while the series A round in 2012 saw Starfish Ventures invest $US6.6m.
The company has claimed enterprise sales have increased at an average of 40% since the series B raise. Locally it added big enterprise clients like JLL, Bluescope Steel and Australian Bureau of Statistics to its books last year.
“Thanks to the continued support of Battery and our new investors, we’re in a strong position to fulfill our growth ambitions in the enterprise while continuing to scale our operations globally,” said Nitro founder and chief executive Sam Chandler.
Nitro is now headquartered in San Francisco and develops software that allows businesses to handle PDF files on any device in any location. The company now claims more than 600,000 businesses as clients, including more than half the Fortune 500.
Regal Funds portfolio manager Ben McCallum said that Nitro was a true Australian success story.
“Nitro has successfully transformed from an Australian startup with an online product, to a globally respected enterprise software company providing a digital transformation platform to some of the largest companies in the world.”
Chandler was named the Ernst and Young Australian Emerging Entrepreneur of the Year in 2014, while Nitro in 2015 acquired DoxIQ to improve its analytics capabilities.
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