One year after leading OwnBackup’s $23.3 million Series C funding round, Insight Partners has opened its pocketbook again. This time the firm is leading a $50 million follow-on round of new capital, OwnBackup announced Tuesday.
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Existing investors Salesforce Ventures, Vertex Ventures and Innovation Endeavors also participated in the round, according to a company statement. This gives Englewood Cliffs, New Jersey-based OwnBackup more than $100 million in total venture-backed funding since the company’s inception in 2015, according to Crunchbase data. This includes its Series C from May 2019, which had previously been the company’s largest investment.
OwnBackup, a cloud-to-cloud business continuity platform provides clients with one place to backup, protect and analyze their software-as-a-service (SaaS) data stored in Salesforce. The company intends to use the new funding to accelerate product development and scale its go-to-market functions.
The company said it’s achieved approximately 100 percent year-over-year revenue growth for the past two years, and supports more than 2,000 customers. It also employs more than 220 people at its New Jersey headquarters, as well as its Tel Aviv and London offices.
CEO Sam Gutmann said in a written statement that the oversubscribed round showed investor confidence in OwnBackup’s mission.
“In today’s uncertain climate, more CIOs and CEOs realize the importance of building greater resiliency into their business,” he said. “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.”
Meanwhile, Nikitas Koutoupes, managing director at Insight Partners, said in a written statement that the backup and recovery market was expected to surpass $18 billion by 2026, providing “massive untapped potential for OwnBackup.”
Illustration: Li-Anne Dias
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