Salesforce cloud backup startup OwnBackup raises $23.25M
OwnBackup Ltd., which offers a cloud backup service for Salesforce.com Inc. services, today said has raised $23.25 million in new funding.
It will be usesd to expand its operations, including deepening its partner network and increasing its headcount in both its engineering and European teams. The Series C round was led by Insight Venture Partners and Vertex Ventures and included existing investors Innovation Endeavors, Oryzn Capital and Salesforce Ventures.
Founded in 2012, OwnBackup offers cloud-to-cloud backup services on the Salesforce platform via the Salesforce AppExchange. The company’s backup service provides secure, automated, daily backups of software-as-a-service and platform-as-a-service data as well as offering data comparison and restoration tools for disaster recovery.
Since last raising venture capital in April 2018, OwnBackup claims to have seen revenue double from helping more than 1,000 businesses worldwide protect critical cloud data. That data is said to include trillions of software-as-a-service and platform-as-a-service records to prevent data corruption and data loss, ensure business continuity, minimize operational disruptions and meet compliance mandates.
In addition to the new funding, OwnBackup also announced the general availability of OwnBackup Archiver, a product that has been designed top address regulatory compliance needs while optimizing the performance of users’ SaaS platforms. The product is an archiving tool that automatically archives data and attachments that are no longer needed in production while also maintaining their integrity, data access and security to comply with regulatory requirements.
“Thanks to the unwavering support of our committed investment partners, we will be able to continue to scale to meet escalating market demand for our solutions as companies realize the need to claim ownership of cloud data security concerns and proactively ensure their data is protected and accessible at all times,” OwnBackup Chief Executive Officer Sam Gutmann said in a statement.
Growth opportunities abound for the company, with the backup and recovery market expected to grow to $14.9 billion in 2027 for a compound annual growth rate of almost 10%.
Including the new funding, OwnBackup has raised $49.8 million to date. As part of the new funding, Insight Venture Partners Managing Director Nikitas Koutoupes, Innovation Endeavors General Partner Harpinder Singh and Conga president and CEO Bob DeSantis are joining OwnBackup’s board “to help the company navigate market opportunities.”
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