Less than a year after closing on a $23 million Series C financing, OwnBackup, an Englewood Cliffs, New Jersey-based startup that touts itself as the primary cloud data protection platform for Salesforce, announced Tuesday it raised another $50 million from Insight Partners.
OwnBackup’s award-winning platform is intended to make backing up and protecting data, metadata and attachments stored on Salesforce easier. This helps ensure that companies recover lost data, maintain business continuity and efficiency, and meet compliance mandates. CEO Sam Gutmann says this oversubscribed funding round is a sign of how important the company’s platform is, particularly in the midst of the COVID-19 pandemic.
“In today’s uncertain climate, more CIOs and CEOs realize the importance of building greater resiliency in their business,” Gutmann said in a statement. “We’re committed to keeping their operations running around the clock with enterprise-grade, set-it-and-forget-it monitoring and recovery — both during the COVID-19 pandemic and over the long term.”
Despite the pandemic, OwnBackup has been growing. The company told TechCrunch it added 250 new customers last quarter and will be expanding its team to keep up with demand. OwnBackup has several open positions across its engineering, sales and marketing departments.
“With the backup and recovery market expected to surpass $18 billion by 2026, there’s massive untapped potential for OwnBackup’s stellar team and proven solutions,” Insight Partners’ managing director Nikitas Koutoupes said in a statement, referencing a study published by Stratistics Market Research Consulting. “We believe demand for the company’s products will continue to soar, both within the Salesforce ecosystem and beyond.”
Existing investors Salesforce Ventures and Vertex Ventures also participated in the round, bringing the company’s total funding raised to more than $100 million. OwnBackup says it will use the money to innovate its product and scale its go-to-market functions.
