Ownbackup Raises $240M Series E at $3.35B Valuation

OwnBackup Secures $240 Million in Series E Funding

OwnBackup, a company specializing in data backup solutions for the Salesforce environment, has announced the completion of a $240 million Series E funding round. This latest investment values the company at $3.35 billion, a significant increase from the $1.4 billion valuation achieved in January during its Series D round of $167.5 million.

Investment Details and Growth

The current funding round was jointly led by Alkeon Capital and B Capital Group. Additional participation came from BlackRock Private Equity Partners, Tiger Global, and existing investors including Insight Partners, Salesforce Ventures, Sapphire Ventures, and Vertex Ventures. To date, OwnBackup has raised approximately $500 million, with over $455 million secured since July of the previous year.

According to CEO Sam Gutmann, this substantial capital influx is directly correlated with the rapid expansion of the Salesforce ecosystem. This ecosystem now encompasses not only Salesforce itself, but also related companies such as Veeva and nCino.

Expanding Market Reach

OwnBackup has experienced consistent year-over-year growth of 100% since 2018, attracting considerable investor interest. The company is now extending its data backup capabilities to support customers utilizing Microsoft Dynamics 365.

“We are broadening our services to include the Microsoft ecosystem, specifically Microsoft Dynamics 365, a substantial B2B SaaS environment second in size only to Salesforce,” Gutmann stated. “We are only beginning to explore the possibilities within this market.”

Strategic Acquisitions and Future Plans

The company is also actively considering growth through strategic acquisitions. While recent acquisitions have focused on acquiring specialized talent to enhance platform development, future acquisitions will likely prioritize business expansion.

While an Initial Public Offering (IPO) remains a potential future option, Gutmann emphasizes the company’s current focus on sustained growth and market development. “Our primary objective is not an exit strategy, but rather to capitalize on a large and expanding market with strong unit economics and continued growth,” he explained.

Workforce Expansion and Diversity Initiatives

OwnBackup’s employee base has grown significantly to 500 individuals this year, with plans to double this number within the next twelve months. Gutmann acknowledges the challenges of hiring in the current market.

He further stated, “Our hiring managers prioritize diversity, but ultimately, we seek the most qualified candidates. We’ve made considerable progress and are collaborating with Insight Partners on a program to train and employ underrepresented minorities in technical roles.”

Office Environment and Employee Well-being

Throughout the pandemic, OwnBackup maintained open offices, though attendance was not mandatory. The company proactively increased its office space to facilitate social distancing.

Located in New Jersey, OwnBackup has also expanded its outdoor workspace to provide employees with options for working outside during favorable weather conditions.