The pandemic fueledan urgent need to provide end-to-end data protection, which includes creating backups and recovery. Notably, there's been a lot of activity in the space with Insight Partners acquiring Veeam for $5 billion in 2020, and Cohesity securing $250 million in funding at a $2.5 billion valuation.
OwnBackup is the latest company to capitalize on the need for cloud data protection, achieving significant growth in a relatively short time. In April 2020, The Financial Times announced that OwnBackup ranked No. 25 on its first annual Americas' Fastest Growing Companieslist. The company now has over 3,000 customers, up from 2,000 as of its last venture capital round in July 2020.
The company services clients such as AECOM, Aston Martin, Ciena, Delivery Hero, Guidewire Software, the Make-A-Wish Foundation, Medtronic, Navy Federal Credit Union, the Singapore Economic Development Board, and the University of Miami.
Founded in 2015, the New Jersey-based company promises administrators and developers peace of mind with a platform that provides backup, recovery, compare, and archive functionality for complex datasets. Although OwnBackup is better known for its integration with the Salesforce platform, it has sought to expand its coverage to other ecosystems, including Sage, nCino, and Veeva.
The company announced that it raised $167.5 million in Series D funding in January. This follows its previous Series C funding round of $50 million in July 2020. The latest funding round was co-led byInsight Partners, Salesforce Ventures, and Sapphire Ventures, with participation from existing investors Innovation Endeavors, Vertex Ventures, and Oryzn Capital.
OwnBackup said its cumulative funding now totals more than $267.5 million, and Bloomberg reported that the company has been valued at almost $1.4 billion. The latest injection of funds will support ongoing investments in global expansion and will "extend OwnBackup's platform to help companies big and small manage and secure their most mission-critical software-as-a-service data."
Sam Gutmann, CEO of OwnBackup said, "Since day one, we've believed that no company operating in the cloud should ever lose data. 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."