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Salesforce cloud backup startup OwnBackup raises $167.5M on $1.4B valuation
Cloud backup startup OwnBackup Ltd., a firm centered on Salesforce.com Inc.’s platform, today said it has raised $167.5 million in new funding to support ongoing investments in global expansion and extend its platform to help companies secure their software as a service data.
The Series D round was co-led by Insight Partners, Salesforce Ventures and Sapphire Ventures, and included Innovation Endeavors, Vertex Ventures and Oryzn Capital. The round valued OwnBackup at $1.4 billion, giving the company unicorn status for the first time.
Founded in 2012, OwnBackup offers cloud-to-cloud backup services on the Salesforce platform via the Salesforce AppExchange. The company’s service provides secure and automated daily backups of SaaS and platform as a service data as well as data comparison and restoration tools for disaster recovery.
Designed to prevent data loss and corruption caused by human errors, malicious intent, integration errors and rogue applications, OwnBackup’s data comparison tool allows an administrator to compare data, send a copy to the backup environment and quickly check it against the most recent valid snapshot. That helps in pinpointing the Salesforce files in need of recovery to avoid unnecessarily overwriting records with old information, the company says.
Like many cloud-focused companies during the COVID-19 pandemic, OwnBackup has seen strong growth amid the move to remote working. The company now has over 3,000 customers, up from 2,000 as of its last venture capital round in July 2020.
Notable customers include Aston Martin Lagonda Global Holdings plc, Ciena Corp., Delivery Hero SE, Guidewire Software Inc., the Make-A-Wish Foundation, Medtronic plc, Navy Federal Credit Union, Singapore Economic Development Board and the University of Miami. Recent new clients include Alstom SA, Boston Dynamics Inc., Crocs Inc., USA Cycling and Zoom Video Communications Inc.
“We are laser-focused on achieving our vision of a single pane of glass for companies to manage, backup, and secure all of their SaaS data,” Sam Gutmann, chief executive officer of OwnBackup said in a statement. “As cloud adoption and digital transformation accelerate, the data produced by and stored in SaaS applications is growing even faster. Executives recognize that their approach to cloud data management and security must evolve and adapt to a cloud-native paradigm.”
Including the new funding, OwnBackup has raised $267.6 million to date.
Image: OwnBackup
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