Cloud protection startup OwnBackUp raises $240m, nearing $3.35b valuation

Company says its value has climbed by $2 billion in past six months, will expand services to Microsoft platform

By Luke Tress 11 August 2021, 6:48 pm Edit

Luke Tress is an editor and a reporter in New York for The Times of Israel.

OwnBackUp, an Israeli startup focused on cloud data protection, has raised $240 million in a Series E investment round, putting it near a valuation of $3.35 billion.

The company said Tuesday it has raised nearly $500 million, boosting its valuation by a massive $2 billion in only six months.

OwnBackUp also said it will expand its data backup and recovery solutions to new cloud platforms, starting with Microsoft’s Dynamics 365. The firm currently offers customers automatic cloud data backup for Salesforce products.

OwnBackUp provides protection and other services to close to 4,000 organizations, including Aston Martin, the Make-A-Wish Foundation, Medtronic, Navy Federal Credit Union and the University of Miami, the company said.

The latest investment round was co-led by Alkeon Capital and B Capital Group, and included investments by BlackRock Private Equity Partners, Salesforce Ventures, Sapphire Ventures and Tiger Global.

OwnBackUp is headquartered in New Jersey and houses its research and development in Israel. The company was founded in Israel in 2012 and employs over 500 people.