Salesforce-Backed OwnBackup Valued at $1.4 Billion in Funding
(Bloomberg) -- OwnBackup, a startup that helps companies protect their data on Salesforce.com Inc. platforms, has been valued at almost $1.4 billion in a new funding round.
The company raised $167.5 million from a group of investors led by Salesforce Ventures, Insight Partners and Sapphire Ventures, according to a statement Thursday. Innovation Endeavors, Vertex Ventures and Oryzn Capital also participated.
New Jersey-based OwnBackup works with customers including Zoom Video Communications Inc. and robotics design firm Boston Dynamics Inc. to help protect against data loss from human error, bad code or malicious intent.
While the company has been mostly focused on Salesforce platforms such as AppExchange, which offer companies a range of software-as-a-service applications, it plans to expand beyond these, said OwnBackup Chief Executive Officer Sam Gutmann.
“We saw a future of backing up and protecting every important SaaS application that a CIO cares about,” Gutmann said.
OwnBackup’s revenue has grown during the coronavirus pandemic, due to further digital transformation accompanying remote working, according to Gutmann. “It’s really been quite an accelerant for the business,” he said.
The startup plans to use the capital to hire more engineers and expand its presence in New Jersey, London and Tel Aviv. Gutmann said it could also make product-related acquisitions.
Salesforce Ventures invested because it saw the opportunity for protecting data on Salesforce platforms, according to managing partner Matt Garratt.
“It’s one of those companies that was really below the radar for a really long time,” Garratt said.
©2021 Bloomberg L.P.