OwnBackup secures $50 million in funding ‘as global crisis puts business continuity top of mind’
- Published: Thursday, 09 July 2020 08:12
OwnBackup, a cloud-to-cloud business continuity platform, has announced $50 million in new funding led by Insight Partners, with participation from Salesforce Ventures and Vertex Ventures less than one year after raising Series C financing. Existing investor Innovation Endeavors also participated in the follow-on round, which brings the company’s total funding to over $100 million.
The additional capital will be used to accelerate product development and scale go-to-market functions in support of OwnBackup’s vision to ‘give enterprise CIOs one pane of glass where they can backup, protect, and analyze their mission critical and increasingly complex software-as-a-service (SaaS) data’.
“This oversubscribed round signifies investors’ recognition of our early dominance in a huge addressable market,” said Sam Gutmann, CEO of OwnBackup. “In today’s uncertain climate, more CIOs and CEOs realize the importance of building greater resiliency into their business. We’re 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 provides automated and fast data protection so customers can feel confident that their business data is always protected,” said Matt Garratt, managing partner at Salesforce Ventures. “OwnBackup has been a long standing Salesforce partner on AppExchange, and we are pleased to continue to support their growth with this new investment to drive further innovation for customers."
“OwnBackup is the business continuity partner of choice for forward-thinking enterprise CIOs, and has achieved incredible growth and customer success in the five years since it was founded,” said Nikitas Koutoupes, managing director at Insight Partners. “With the backup and recovery market expected to surpass $18 billion by 2026, there’s massive untapped potential for OwnBackup’s stellar team and proven solutions. We believe demand for the company’s products will continue to soar, both within the Salesforce ecosystem and beyond.”