US-based software backup technology provider OwnBackup raised $50m on Tuesday from investors including Salesforce Ventures, enterprise software producer Salesforce’s corporate venture capital vehicle.
Growth equity firm Insight Partners led the round, which also featured Singaporean state-backed venture capital firm Vertex Ventures and fellow VC firm Innovation Endeavors. It took the company’s total funding to more than $100m, it said.
Founded in 2015, OwnBackup produces software that helps organisations automate the regular backup of data across various clouds, protecting it from human errors, cyber attacks or data integration failures.
Sam Gutmann, OwnBackup’s chief executive, said: “This oversubscribed round signifies investors’ recognition of our early dominance in a huge addressable market. In today’s uncertain climate, more CIOs and CEOs realise the importance of building greater resiliency into their business.
“We are 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 will use the funding for product development and commercialisation. The round doubled the company’s valuation from its series C round, which closed at $23.3m in May 2019, co-founder and chief technology officer Ariel Berkman told Calcalist.
Vertex Ventures and Insight Partners co-led the series C round, which included Salesforce Ventures, Innovation Endeavors and Oryzn Capital.
The company had previously completed a $7.5m series B round led by Insight Partners and backed by Salesforce Ventures and existing investors Innovation Endeavors and Oryzn Capital in 2017.
