Israeli cloud data protection platform OwnBackup today announced the completion of a $240 million Series E financing round co-led by Alkeon Capital and B Capital Group, including a secondary investment in the company by BlackRock Private Equity Partners and Tiger Global. Existing investors Insight Partners, Salesforce Ventures, Sapphire Ventures, and Vertex Ventures also participated.
The latest financing round was completed at a $3.35 billion valuation, up from a valuation of $1.4 billion when the company raised $167.5 million in itsd Series D financing round in January 2021. This latest investment brings the total amount raised by OwnBackup to nearly $500 million.
OwnBackup, which has developed automatic cloud backup for Salesforce software, has also announced plans to expand its comprehensive backup and recovery solutions across other cloud platforms later this year, beginning with Microsoft.
The company was founded by Israelis Ariel Berkman (CTO) and Ori Yankelev (EVP Global Sales), with US entrepreneur Sam Gutmann (CEO). Two other founders, Eran Cohen and Daniel Gershuni, left the company at an early stage. The company is headquartered in the US and has its development activity in Israel. The company has 500 employees including 120 in Israel.
Last December, OwnBackup reached seventh place in the "Globes" most promising startups rankings for 2020.
OwnBackup, which focuses on empowering customers to own and protect their data on any cloud platform, began with Salesforce's large customer ecosystem. The company currently provides cloud data protection, sandbox seeding and data archiving solutions for nearly 4,000 organizations worldwide.
Gutmann said, "Our commitment to protecting our customers’ data and providing solutions that enable precise, rapid recovery continues to grow. While the cloud is crucial to doing business, the mass adoption of SaaS has resulted in a huge amount of data, and our work with Salesforce, Microsoft and other critical SaaS ecosystems enables companies to thrive in today’s digitally driven world. The story of every business is written with data, and this latest round of funding will support our ongoing vision to empower our customers to own and protect their data on any cloud platform."
With this latest funding round, OwnBackup will extend its proven cloud data protection expertise to Dynamics 365 later this year. OwnBackup will help Dynamics 365 customers meet complex regulatory requirements and eliminate data disruptions due to user and integration errors. The offering will allow companies to maintain complete ownership of their data backups, rapidly restore lost or corrupted data, and drive greater organizational adoption of Azure and Dynamics.
Along with Salesforce and Microsoft, OwnBackup is actively exploring other cloud providers as potential partners to deliver on its promise for customers to own and protect their mission-critical data.
OwnBackup's 4,000 customers include AECOM, Aston Martin, Ciena, Delivery Hero, Guidewire Software, the Make-A-Wish Foundation, Medtronic, Navy Federal Credit Union, Singapore Economic Development Board, and the University of Miami.
OwnBackup's top executives in Israel say that the company is considering an IPO but no final decision on the matter has yet been taken.
Published by Globes, Israel business news - en.globes.co.il - on August 10, 2021
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