OwnBackup, a platform that offers cloud data backup and recovery services to Salesforce customers, has raised $167.5 million in a series D round of funding co-led by Insight Partners, Salesforce Ventures, and Sapphire Ventures. The company is now valued at nearly $1.4 billion.
Founded out of New Jersey in 2015, OwnBackup promises administrators and developers peace of mind with a platform that provides backup, recovery, compare, and archive functionality for complex data sets. Although OwnBackup is better known for its integration with the Salesforce platform, it has sought to expand its coverage to other ecosystems, including Sage, cNino, and Veeva.
As more companies embrace cloud-based services, a trend that was expedited by the global pandemic, the need to provide end-to-end data protection including creating backups and recovery is integral. Indeed, there has been a lot of activity in the space of late, with Insight Partners — an OwnBackup investor — acquiring Veeam for $5 billion last year, while Cohesity secured $250 million at a $2.5 billion valuation.
OwnBackup had raised around $100 million before now, including a $50 million tranche less than a year ago, and with its latest cash injection the company said that it plans to continue its global expansion and enable companies of all sizes to “secure their most mission-critical SaaS data.” Innovation Endeavors, Vertex Ventures, and Oryzn Capital also participated in the round.VentureBeat
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