US-based data backup platform operator OwnBackup has secured approximately $168m in a series D round co-led by Salesforce Ventures, the corporate venturing arm of enterprise software supplier Salesforce.
Growth equity firm Insight Partners and venture capital firm Sapphire Ventures co-led the round, which included Innovation Endeavors, Oryzn Capital and Vertex Ventures. It valued the company at $1.4bn, and it said the round brought its overall funding to about $268m since it was founded in 2015.
OwnBackup has built a software tool that enables enterprise customers to manage and store data on cloud-based platforms such as Salesforce, helping protect data from corruption and loss, meet regulatory compliance requirements and offer cybersecurity services. The cash will be used to expand its business internationally and improve its technology.
Salesforce Ventures had taken part a $50m round for the company in July 2020 that was led by Insight Partners and backed by Vertex Ventures and Innovation Endeavors.
Vertex Ventures and Insight Partners co-led OwnBackup’s $23.3m series C round in mid-2019, investing together with Salesforce Ventures, Innovation Endeavors and Oryzn Capital.
OwnBackup raised $7.5m in a 2017 series B round led by Insight Partners that included Salesforce Ventures, Innovation Endeavors and Oryzn Capital. Its earliest funding took place the year before, when it received $3.5m in a series A round led by Innovation Endeavors and backed by Orzyn Capital.
Salesforce chief marketing officer Sarah Franklin said: “The Salesforce Customer 360 Platform is helping organisations digitally transform their businesses to have a single source of truth for their customers.
“We are glad to elevate our support for OwnBackup’s solution, which extends the capabilities of our platform by providing end-to-end data protection.”
