Workstorm closes Series A funding round, marking significant milestone for Chicago-based company
CHICAGO, Oct. 18, 2023 /PRNewswire/ -- Workstorm, a leading provider of secure collaboration solutions, today announced it has closed its Series A round, valuing the company at $200 million. The company was advised by Sidley Austin LLP, and funding participants include Author Capital Partners and Chicago-based high-net-worth investors. The funding will be used to accelerate product development, expand its customer base, and support the growth of its sales and engineering teams.
This milestone represents a significant achievement for the Chicago-based technology firm, particularly as a Minority Business Enterprise (MBE) dedicated to promoting innovation while prioritizing data security and privacy. Workstorm's collaboration platform offers a suite of features including enterprise messaging, video conferencing, document management, email and calendar integration, and custom integration capabilities.
"Closing this funding round exemplifies our commitment to secure collaboration solutions and the growing relevance of our products in today's digital landscape," said Raj Fernando, Founder and CEO of Workstorm. "This milestone is especially meaningful, as it showcases the positive impact that US-based companies can have in the technology sector, particularly as it relates to privacy."
Co-founder Nicholas Stech added, "This marks a significant achievement for the Workstorm team and our advisory board. The dedication and exceptional expertise of every individual involved have been instrumental in reaching this milestone collectively."
Workstorm's core values revolve around building a highly secure collaboration environment that prioritizes the privacy of user data. From its inception, Workstorm has been committed to never sell or share client data. With this latest round of funding, Workstorm is poised to further enhance its product offerings, fuel innovation, and expand its market reach, continuing its mission to enable organizations to collaborate effectively while safeguarding privileged information.
"Workstorm's ability to secure this investment at a critical phase is a testament to the company's strong growth potential and the increasing demand for secure collaboration," stated Author Capital's Founder and Managing Partner, Duane Jackson.
As Workstorm sets its sights on future growth and innovation, the company remains committed to its Chicago roots and the thriving local tech ecosystem. With a robust team of talented professionals based in Chicago and with all US-based employment, Workstorm is proud to contribute to the economic growth and technological advancement of the region and the nation.