OwnBackup Raising $240 Million in a Series E Funding Round at a Valuation of $3.35 Billion

Series E funding round

OwnBackup, a data protection solutions provider based in New Jersey, revealed on Tuesday that it has raised $240 million in a Series E fund raising round, valued at $3.35 billion.

The fundraising round included Alkeon Capital, B Capital Group, BlackRock Private Equity Partners, Tiger Global, Insight Partners, Salesforce Ventures, Sapphire Ventures, and Vertex Ventures, bringing the company’s total raised to around $500 million.

OwnBackup is a cloud-to-cloud data protection technology for software-as-a-service (SaaS) and platform-as-a-service (PaaS) data backup and restoration. Data loss caused by human mistake, integration issues, rogue programmes, and malicious intent, according to the business, is protected by its platform. According to OwnBackup, its solutions are used by 4,000 enterprises throughout the world.

The platform is presently only available to Salesforce clients, but the company aims to expand to Microsoft Dynamics 365 later this year with the fresh financing.

Microsoft CTO David Totten remarked, “We’re thrilled to work with OwnBackup and give Dynamics 365 clients an additional layer of data security.” “OwnBackup’s solutions will help Dynamics 365 clients operate more business-critical workloads while removing the risk of data loss by enabling enterprises to automate the backup process and restore the precise data they need in minutes.”

In February, OwnBackup announced a $167.5 million Series D investment round at a valuation of roughly $1.4 billion, making it a unicorn. It now says that in the last six months, its value has climbed by $2 billion.

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Nimmetry, a business that provides a platform for integrating SaaS-based data utilising a microservices architecture, was acquired by OwnBackup in June. The transaction, according to OwnBackup, will help it accelerate its multi-cloud strategy and extend its footprint in India, where Nimmetry has a major presence.

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