File-transfer service WeTransfer has received $25 million (£15.5 million) series A funding from Highland Capital Partners Europe.
The funding round will support the growth of WeTransfer across the US, Europe and elsewhere. Highland Capital Partners Europe (HCPE), which has previously invested in Matchesfashion.com and Brandwatch in the UK, and Rent the Runway and Malwarebytes in the US, has taken a “minority share” in WeTransfer for its investment, said WeTransfer.
WeTransfer has been profitable since 2013 and has continued to grow its user base to over 70 million users. It says it more than doubled its revenues in the last year.
Bas Beerens, founder and CEO of WeTransfer, said: “Funding isn’t something we 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.”
He said: “When HCPE approached us we had an instant connection. In addition to supporting us with funding, HCPE will offer advice and expertise to help us achieve our goal to build on WeTransfer’s brand and offering.”
Tony Zappalà, partner at HCPE, said: “The WeTransfer team has bootstrapped an amazing company, built around a product that creative professionals and consumers worldwide love to use. We look forward to working with them to continue making WeTransfer a fun, productive and intuitive experience, which wows its users every time.”
Zappalà and fellow HCPE partner Irena Goldenberg will be joining WeTransfer’s board.