Business

Dropbox competitor SugarSync gets a further $3M

Cloud startup SugarSync just closed an additional $3 million in funding, according to an SEC filing. 

A spokesperson for the company just confirmed the debt raise and said it would be used to bolster the product development team. The funding was brought in through an existing investor  – likely Draper Fisher Jurvetson’s Andreas Stavropoulous, whose name appears on the Form D.

The company has not raised funding since February 2012, when it pulled in $15 million to grow and define itself in the crowded cloud storage market.

“This small cash infusion was from existing investors who were simply supporting our focus to continue to improve the user experience,” said the company’s CEO Mike Grossman in an email. “We’re very disciplined related to what we’re delivering and who we are targeting,” he added.

San Mateo, Calif.-based SugarSync helps individuals and small businesses manage and back up files across multiple platforms, including PCs, Macs, and iOS, Android, and BlackBerry devices. Unlike its primary competitor Dropbox, SugarSync has grown organically through word of mouth.

The company would not confirm whether it will use the additional resources for an acquisition, but it’s certainly a possibility. Another competitive Box has made a few small strategic acquisitions of late — most recently, Crocodoc.


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