Kaseya, Veeam Parent Insight Partners Invests In OwnBackup
OwnBackup, a cloud-to-cloud business continuity platform provider, has raised $50 million in new funding led by Insight Partners, with participation from Salesforce Ventures and Vertex Ventures less than one year after raising Series C financing.
Existing OwnBackup investor Innovation Endeavors also participated in the follow-on round, which brings the company’s total funding to over $100 million.
OwnBackup appears to be in rapid growth mode. Recent business and technology milestones, according to the company, include:
- Achieved approximately 100 percent year-over-year revenue growth for two years running
- Scales to more than 2,000 customers—such as AECOM, athenahealth, Michigan State University, and Navy Federal Credit Union—securing 60 trillion SaaS and PaaS records.
- Expanded to more than 220 employees globally, with headcount growth of 200% over the past two years.
OwnBackup CEO Sam Gutmann previously led Intronis — a backup provider that Barracuda acquired in 2015.
Intronis, now part of Barracuda MSP, focused heavily on the MSP and SMB software sectors. In stark contrast, OwnBackup appears to focus on CIO- and enterprise-level opportunities to protect Salesforce and other major SaaS applications.
OwnBackup Raises $50 Million: Executive Perspectives
In a prepared statement about the funding, Gutmann said:
“This oversubscribed round signifies investors’ recognition of our early dominance in a huge addressable market. In today’s uncertain climate, more CIOs and CEOs realize the importance of building greater resiliency into their business. 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.”
Added Matt Garratt, managing partner at Salesforce Ventures:
“OwnBackup provides automated and fast data protection so customers can feel confident that their business data is always protected. OwnBackup has been a long standing Salesforce partner on AppExchange, and we are pleased to continue to support their growth with this new investment to drive further innovation for customers.”
Concluded Nikitas Koutoupes, managing director at Insight Partners:
“OwnBackup is the business continuity partner of choice for forward-thinking enterprise CIOs, and has achieved incredible growth and customer success in the five years since it was founded, 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. We believe demand for the company’s products will continue to soar, both within the Salesforce ecosystem and beyond.”
Insight Partners: Multiple Cloud Backup Bets
Meanwhile, OwnBackup investor Insight Partners has financial stakes in multiple backup and disaster recovery software companies — including Kaseya and Veeam.
In Kaseya’s case, the IT management software provider also owns Spanning Cloud Apps (for SaaS protection) and Unitrends (enterprise and MSP backup).