Venture Capital: SaaS Data Protector OwnBackUp Gains $50M Funding
OwnBackup previously raised $23.25 million in a Series C round in May 2019.
OwnBackup is a cloud-to-cloud backup and restore vendor that provides automated, daily backups of SaaS and PaaS data, as well as data compare and restore tools for disaster recovery. Its primary business focuses on clients needing to protect their Salesforce data. It raised $50 million in a follow-on round led by Insight Partners, with participation from Salesforce Ventures and Vertex Ventures. (Intrado GlobeNewswire)
The new funding brings the company’s aggregate funding to over $ 100 million.
Salesforce data a key business driver
According to company CEO Sam Gutmann, who was speaking to TechCrunch, Ownbackup has seen very solid growth over the last two and a half years around the Salesforce ecosystem. It has therefore focused its services on the Salesforce (NYSE: CRM) space.
However, with the new funding, the company intended to branch out into a few newer ecosystems.
The company said in a statement that it recorded 100% year over year revenue growth for two years running. Further, it now supported over 2,000 customers and ranked 25th on the 2020 Financial Times America’s Fastest-Growing Companies list.
The company also intends to use the new money to accelerate its product development and scale-up its “go to market” functions. Primarily, this means it will expand its backup, recovery, archiving, and sandbox seeding services into a unified solution for all corporate data across a variety of SaaS apps.
Its growth momentum was undeterred by the pandemic. It added 250 new customers in the last quarter (Q2), a record. “We are seeing companies start to really understand how critical this is,” Gutmann said to TechCrunch.
“This oversubscribed round signifies investors’ recognition of our early dominance in a huge addressable market,” Gutmann said in a statement. “In today’s uncertain climate, more CIOs and CEOs realize the importance of building greater resiliency into their business. We’re committed to keeping their operations running around the clock with enterprise-grade, set-it-and-forget-it monitoring, and recovery—both during the COVID-19 pandemic and over the long term.”
Ownbackup’s support to healthcare organizations
In April, in the midst of the coronavirus pandemic, the company launched its OwnBackup Gratitude program, through which it provided comprehensive data backup and security services to healthcare organizations entirely free of charge.
Related Story: Health Insurer Oscar Raises $225M Amidst COVID-19
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