OwnBackup lands $50M as backup for Salesforce ecosystem thrives

OwnBackup posted on 07 Jul 2020

Img

OwnBackup has made a name for itself primarily as a backup and disaster recovery system for the Salesforce ecosystem, and today the company announced a $50 million investment.

Insight Partners led the round with participation from Salesforce Ventures and Vertex Ventures. This chunk of money comes on top of a $23 million round from a year ago, and brings the total raised to over $100 million, according to the company.

It shouldn’t come as a surprise that Salesforce Ventures chipped in when the majority of the company’s backup and recovery business involves the Salesforce ecosystem, although the company will be looking to expand beyond that with the new money.

“We’ve seen such growth over the last two and a half years around the Salesforce ecosystem. and the other ISV partners like Veeva and nCino that we’ve remained focused within the Salesforce space. But with this funding, we will expand over the next 12 months into a few new ecosystems,” company CEO Sam Gutmann told TechCrunch.

In spite of the pandemic, the company continues to grow, adding 250 new customers last quarter, bringing it to over 2000 customers and 250 employees, according to Gutmann.

He says that raising the round, which closed at the beginning of May had some hairy moments as the pandemic began to take hold across the world and worsen in the U.S. For a time, he began talking to new investors in case his existing ones got cold feet. As it turned out, when the quarterly numbers came in strong, the existing ones came back and the round was oversubscribed, Gutmann said.

“Q2 frankly was a record quarter for us, adding over 250 new accounts, and we’re seeing companies start to really understand how critical this is,” he said.

The company plans to continue hiring through the pandemic, although he says it might not be quite as aggressively as they once thought. Like many companies, even though they plan to hire, they are continually assessing the market. At this point, he foresees growing the workforce by about another 50 people this year, but that’s about as far as he can look ahead right now.

Gutmann says he is working with his management team to make sure he has a diverse workforce right up to the executive level, but he says it’s challenging. “I think our lower ranks are actually quite diverse, but as you get up into the leadership team, you can see on the website unfortunately we’re not there yet,” he said.

They are instructing their recruiting teams to look for diverse candidates whether by gender or ethnicity, and employees have formed a diversity and inclusion task force with internal training, particularly for managers around interviewing techniques.

He says going remote has been difficult, and he misses seeing his employees in the office. He hopes to have at least some come back, before the end of the summer and slowly add more as we get into the fall, but that will depend on how things go.

Originally published in TechCrunch

Copied

Recent posts

Img

Thriver raises $33 million for virtual workplace wellness

News is out - We are excited to announce our new portfolio company, Thriver (formerly Platterz)!

Thriver develops a technological platform that assists companies in improving and strengthening their organizational culture and wellness.

07 Jul 2020
Read more

Accelerating Business-To-Human Cybersecurity Marketing During Difficult Times

Now, more than ever, it's time to move over from B2B to B2H. Companies should focus on how they can help CISOs make their organizations more secure. Is there a way to create a short-term and long-term win-win situation during difficult times?

Gily Netzer, CMO at Cymulate - Breach & Attack Simulation believe there is.

07 Jul 2020
Read more

Img

Why Traditional Insurance Won’t Work

Why traditional insurance won’t work? What does it mean for the entire insurance industry? Read the full article by Tal Daskal, the co-founder and CEO of EasySend in Insurance Thought Leadership and get all the answers

07 Jul 2020
Read more

Quick Links

Our Global Network

Vertex Ventures Israel is part of the global Vertex Ventures network of funds.


In addition to Israel, the Vertex Global Network is comprised of affiliates in Silicon Valley, China, Southeast Asia and India. This provides a unique platform for our portfolio companies to realize their full potential by leveraging the combined experience and resources of our extensive network of global partners.

Copyright

© 2019 by Vertex.

All rights reserved.

Legal