Wednesday, 2023 December 6

Israeli cloud data company OwnBackup raises USD 240 million at over USD 3 billion valuation

Cloud services and recovery company OwnBackup recently raised a Series E funding round of USD 240 million, co-led by New York-based investment firms Alkeon Capital and B Capital Group, including a secondary investment by BlackRock Private Equity Partners and Tiger Global, the company announced on Tuesday.

Existing investors Insight Partners, Salesforce Ventures, Sapphire Ventures, and Vertex Ventures also participated.

OwnBackup’s previous funding was a USD 167.5 million round in January at a USD 1.4 billion valuation. The company is now valued at over USD 3 billion, it indicated in Tuesday’s announcement.

Founded in 2012, OwnBackup recovers lost and corrupted data caused by human error, malicious intent, integration errors, and rogue applications. Today, it works with over 4,000 organizations such as the Make-A-Wish Foundation, Medtronic, the Navy Federal Credit Union, the Singapore Economic Development Board, and the University of Miami.

OwnBackup also said it has plans to expand its comprehensive solutions across other cloud platforms later this year, beginning with Microsoft, and is “actively exploring other cloud providers as potential partners.”

“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 funding round will support our ongoing vision to empower our customers to own and protect their data on any cloud platform.”

“In the last 18 months, data has really taken center-stage as the virtual workplace expands,” said Abhi Arun, managing partner at Alkeon Capital. “Executives are focused on data solutions and their workforce’s ability to access and secure it when and where they need it. Likewise, customers demand seamless transfer and control of their data on a platform, independent of their SaaS provider, while maintaining the highest levels of security for their end-users. That’s why we are thrilled to collaborate with and support OwnBackup’s leadership team as they continue to deliver incredible customer value in the Salesforce ecosystem and beyond.”

Ownbackup is headquartered in Englewood Cliffs, New Jersey, with R&D, support, and other offices in Israel, Europe, Africa, and the Asia-Pacific.

Read this: Cloudtogo nets Series B round from Alibaba Cloud for collaborative coding services

The article was originally published by NoCamels, a leading news website covering breakthrough innovation from Israel for a global audience.


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