OwnBackup to expand market reach after snaring $240m in Series E round

US data protection solutions provider OwnBackup has secured $240m from a Series E funding round at a valuation of $3.35bn.

The round saw participation from Alkeon Capital, B Capital Group, Tiger Global, Insight Partners, BlackRock Private Equity Partners, Vertex Ventures and Sapphire Ventures. Following this round, the company has raised a total of around $500m.

Founded in 2015, OwnBackUp offers a cloud-to-cloud data protection platform that helps to back up and restore software-as-a-service and platform-as-a-service data. The company – who claims 4,000 organisations worldwide use its services – also provides companies with the performance and reporting required to meet compliance regulations in a range of industries.

OwnBackup secured unicorn status in February this year, when a $167.5m Series D saw the company valued at nearly $1.4bn. The firm claims its valuation has increased by $2bn in the last half-year.

OwnBackup plans to use the newly raised capital to expand its platform to Microsoft Dynamics 365 at some point later this year.

Microsoft CTO David Totten said, “We’re pleased to partner with OwnBackup and give Dynamics 365 customers an additional layer of protection for their data. By enabling organizations to automate the backup process and restore the precise data they need in minutes, OwnBackup’s solutions will help Dynamics 365 customers run more business-critical workloads while eliminating the risk of data loss.”

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