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OwnBackup Secures $7.5 Million Series B Investment

Total now reaching $11 million
This is a Press Release edited by StorageNewsletter.com on 2017.07.14

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OwnBackup Ltd., a Software-as-a-Service (SaaS) application backup and restore vendor, announced the close of a $7.5 million Series B round led by Insight Venture Partners, a New York-based private equity and venture capital firm and one of the world's largest investors in high-growth software companies.

Existing investors Innovation Endeavors, Oryzn Capital and Salesforce Ventures also participated in the round, which constitutes a minority equity stake.

The round comes on the heels of an increasing year for OwnBackup, with 330% year-over-year revenue growth in 2016. Users of SaaS applications are increasingly turning to OwnBackup for data protection, archiving, compliance and development enablement. These organizations are fueling a burgeoning market for cloud-to-cloud private backup, recovery and replication services. The new capital will fuel the company's expansion and speed product innovation, including backup and recovery services for additional SaaS applications and the simplification of test data environments for developers working with SaaS applications.

"Partnering with Insight Venture Partners, we will use the latest investment to further grow our team, scale our business, deliver transformative solutions and raise awareness of the need for more proactive protection of valuable enterprise SaaS-based data," said Sam Gutmann, CEO, OwnBackup. "They share our vision that no company operating in the cloud should ever lose data. The OwnBackup solution has provided our clients peace of mind, in staying ahead of data loss and corruption crises, in knowing they can recover both data and metadata, and in being able to navigate through data crises quickly and with complete confidence."

OwnBackup, a backup and recovery application on the Salesforce AppExchange, is in the cloud-to-cloud backup, recovery and replication space.

The company was co-founded by industry veterans with experience in data-recovery, data-protection and information-security.

The firm is headquartered in Fort Lee, NJ, and with a R&D and Support Center in Tel Aviv, Israel.

"OwnBackup is an impressive, young company, and we are excited to add them to our portfolio of high-growth software and internet-enabled companies. The OwnBackup service fills an important void in the enterprise SaaS world, and we look forward to working with the OwnBackup team as a strategic advisor," said Nicolas Wittenborn, VP, Insight Venture Partners.

Wittenborn will also join the OwnBackup board of directors.

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