The boom in the technology market, globally and in Israel, continues apace. Israeli-US startup OwnBackup, which has developed automatic cloud backup for Salesforce software, announced today that it had raised a Series D investment of $167.5 million co-led by Insight Partners, Salesforce Ventures, and Sapphire Ventures, with participation from existing investors Innovation Endeavors, Vertex Ventures, and Oryzn Capital.
The raise values OwnBackup at $1.4 billion, putting it into the Israeli technology industry's expanding unicorn club. The current round follows a $50 million round six months ago, and brings the total investment raised by the company to over $267.5 million. Just this week, two other Israeli startups joined the billion dollar club: fintech company Melio and networking software company DriveNets.
Last December, OwnBackup reached seventh place in the "Globes" most promising startups rankings for 2020. The company was founded by Israelis Ariel Berkman (CTO) and Ori Yankelev (EVP Global Sales), with US entrepreneur Sam Gutmann (CEO). Two other founders, Eran Cohen and Daniel Gershuni, left the company at an early stage. The company is headquartered in the US and has its development activity in Israel. In December, it had 280 employees, 80 of them in Israel. OwnBackup has not disclosed revenue numbers, but according to reported estimates it amounts to some $50 million annually.
"Since day one, we’ve believed that no company operating in the cloud should ever lose data. We are laser-focused on achieving our vision of a single pane of glass for companies to manage, backup, and secure all of their SaaS data," Gutmann said.
OwnBackup says that the additional funds will support ongoing investments in global expansion and extend OwnBackup’s platform to help companies big and small manage and secure their most mission-critical SaaS data. VP Engineering Roi Dover says that the company intends to recruit 100 people to work in development at its Tel Aviv office by the end of this year.
Published by Globes, Israel business news - en.globes.co.il - on January 28, 2021
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