OwnBackup, a US-based data backup software provider, raised $240m yesterday in a series E round featuring Salesforce Ventures, the corporate venturing arm of enterprise software provider Salesforce, at a valuation close to $3.35bn.
Investment firms Alkeon Capital and B Capital Group co-led the round, which included growth equity firm Insight Partners and venture capital firms Sapphire Ventures and Vertex Ventures as well as a secondary investment provided by BlackRock Private Equity Partners and Tiger Global Management.
Founded in 2015, OwnBackup provides a cloud-to-cloud data protection platform to store and protect data from corruption and loss caused by human errors, malicious intent, integration errors and rogue applications.
The company intends to use part of the funding to expand its backup and recovery products across other cloud platforms, beginning with Microsoft Dynamics 365 later this year.
OwnBackup has raised nearly $500m to date, it said. It secured $168m in a February 2021 series D round co-led by Salesforce Ventures, Insight Partners and Sapphire Ventures that included Innovation Endeavors, Oryzn Capital and Vertex Ventures, valuing the company at $1.4bn.
Salesforce Ventures had previously invested in a $50m round for the company that was led by Insight Partners and backed by Vertex Ventures and Innovation Endeavors in July 2020.
Vertex Ventures and Insight Partners co-led a $23.3m series C round for OwnBackup that closed in May 2019 with contributions from Salesforce Ventures, Innovation Endeavors and Oryzn Capital.
OwnBackup had collected $7.5m in a 2017 series B round led by Insight Partners that also featured Salesforce Ventures, Innovation Endeavors and Oryzn Capital. The previous year, it had raised $3.5m in a series A round led by Innovation Endeavors and backed by Orzyn Capital.