Not content with a $167.5 million fund raiser in January, OwnBackup has tapped VCs again to pull in another $240 million and push its valuation past $3 billion.
OwnBackup supplies Backup-as-a-Service to Salesforce customers and with total capital raised being, we calculate, $507.3 million, its VC-tapping has taken place at a meteoric rate.
- 2012 — founded
- 2016 — $3.5m A-round
- 2017 — $7.5m B-round
- 2018 — $15.5m C-round
- 2019 — $23.3m C-round
- 2020 — $50m C-round
- 2021 January — $167.5m D-round and unicorn ($1B+) valuation
- 2021 August — $240m E-round and tricorn ($3.35B) valuation
Whatever next? Surely it’s an IPO.
CEO Sam Gutmann said: “While the cloud is crucial to doing business, the mass adoption of SaaS has resulted in a huge amount of data, and our work with Salesforce, Microsoft and other critical SaaS ecosystems enables companies to thrive in today’s digitally driven world.”
OwnBackup, which has almost 4000 customers, has ambitions beyond the Salesforce cloud. It announced plans to expand across other cloud platforms later this year, beginning with Microsoft and Dynamics 365.
David Totten, Microsoft CTO, said: “We’re pleased to partner with OwnBackup and give Dynamics 365 customers an additional layer of protection for their data. By enabling organisations to automate the backup process and restore the precise data they need in minutes, OwnBackup’s solutions will help Dynamics 365 customers run more business-critical workloads while eliminating the risk of data loss.”
OwnBackup says it is actively exploring other cloud providers as potential partners. We immediately think of AWS and Google.
This $240 million round was co-led by Alkeon Capital and B Capital Group, including a secondary investment in the company by BlackRock Private Equity Partners and Tiger Global. Existing investors Insight Partners, Salesforce Ventures, Sapphire Ventures, and Vertex Ventures also participated.
Comment
While data protection companies like Cohesity, OwnBackup and Rubrik enjoy multi-hundred-million-dollar funding and unicorn status, a storage array company like StorONE, with $30 million in funding, announces its software is used by NASA and also runs on recycled hardware. The distance between the front-runner startups and the rest in this business is simply staggering.
