Cubbit, a Bologna, Italy-based distributed, privacy first and green cloud provider, raised €7m in funding.
The round included:
- €3.5m in equity,
- €2.4m in convertible notes, and
- €1.1m in debt.
Backers included Techstars, Primo Ventures, Digitech Fund – Azimut Libera Impresa, CDP Venture Capital Sgr, Gellify, the members of IAG (Italian Angels for Growth), and the Family Office of Massimo Prelz Oltramonti. In conjunction with the funding, Gianluca Dettori, President of Primo Ventures, Fabio Nalucci, CEO of Gellify, and Mario Scuderi, Managing Partner of CDP Venture Capital, join the founders in the Board of Directors.
The company intends to use the funds for:
- the growth of B2C and B2B Sync&Share cloud services,
- the R&D of new solutions (i.e. Backup and Object Storage),
- the launch of Next Generation Cloud, a distributed cloud network reserved to pioneers companies.
Founded in 2016 by Co-CEOs Stefano Onofri and Alessandro Cillario, CTO Marco Moschettini, and Lorenzo Posani, PhD, Cubbit is a distributed cloud storage company that does not use centralized server farms. Instead, it enables distributed data centers that connect the Internet resources already present in homes and businesses. Its zero-knowledge technology guarantees privacy by design and its architecture protects the environment by reducing CO2 emissions thanks to the absence of large server farms.. During 2020, the company distributed its products to its first 3,500 customers in over 70 countries worldwide.