Funds News

Open source software firm Acquia raises $30 mln

Nov 29 (Reuters) - Acquia, a U.S. startup that advises enterprises on open source content management system Drupal, said it has raised $30 million from Investor Growth Capital and other venture firms to finance its expansion.

“We are at a stage where we are seeing tremendous growth,” Acquia co-founder and Drupal creator Dries Buytaert said in a telephone interview, adding the financing will enable Acquia to invest in new products, sales and marketing, and to expand in Europe and Asia.

“There seems to be a big shift from funding consumer Internet companies to enterprise Internet companies. It seems enterprise software is sexy again,” Buytaert said.

Acquia has now raised a total of $68.5 million from also Goldman Sachs, Accolade Partners, Northbridge Venture Partners, Sigma Partners, and Tenaya Capital.

Acquia - named the fastest-growing software company in the United States by Inc. Magazine - provides clients with software, consultation, hosting and services to help them launch their Internet sites faster and keep them running.