The Israeli startup ecosystem proves once again that business is a-boomin’. Today (Tuesday), OwnBackup announced a $240 million Series E, doubling its total raised capital to date. Back in January, the company recorded “just” a $1.4 billion valuation, with today’s round nearly tripling the valuation to $3.35 billion.
"The story of every business is written with data..."
The current round was led by Alkeon Capital and B Capital Group, with participation from BlackRock Private Equity and Tiger Global. Exiting investors, Insight Partners, Vertex Ventures, Salesforce Ventures, and Sapphire Ventures, also got in on the action. The company has raised almost $500 million to date, with this recent Series E rounding off quite the funding year -- starting in July of last year, when the company raked in $50 million.
OwnBackup's product enables daily, automated and secure backup of SaaS (software-as-a-service) and PaaS (platform-as-a-service) data, such as SalesForce, Slack and ServiceNow. According to the company, its platform is used by more than 1,000 businesses worldwide. This way, organizations can protect vital data stored in the cloud; in order to prevent data corruption and loss, ensure business continuity, and minimize operational disruptions. Today, the company also announced its entry into Microsoft's Dynamics 365 service.
The Israeli Unicorn startup develops tools for comparing and recovering stored data. The system helps enterprises cover data loss and corruption, whether as a result of human error, malicious intent, or errors that occur while installing applications and updates. The company notes that its system emphasizes security, privacy, and maintains GDPR regulation compliance. Additionally, Its archiving tool automatically transfers data that is no longer required in the workflow - while maintaining their integrity, accessibility and security.
“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,” said Sam Gutmann, CEO of OwnBackup. “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.”
OwnBackup was founded in 2015 by Eran Cohen, CTO Ariel Berkman, and VP Global Sales Ori Yankelev. Steering the wheel -- CEO Sam Gutman. The company is headquartered in New Jersey, with R&D based in Tel Aviv, and additional offices in London. OwnBackup’s roster counts 500 employees.