An Israeli cloud data protection platform OwnBackup has announced that it has closed $240 million in a Series E funding round. The investment was led by Alkeon Capital along with B Capital Group. Also, it includes a secondary investment by Tiger Global and BlackRock Private Equity. Existing investors Salesforce Ventures, Insight Partners, Vertex Ventures and Sapphire Ventures participated in the round.
With this, the total funding raised by the company accounts for nearly $500 million and resulting in a $2 billion valuation rise in just months.
OwnBackup has announced its plans to expand the comprehensive backup as well as recovery solutions across all cloud platforms later in 2021. Initially, it will begin with Microsoft.
The cloud data startup focuses on continuously empowering users to own and protect their data that is stored on any cloud platform beginning with Salesforce’s customer ecosystem. OwnBackup will use the additional funding to create cloud data protection and management services that people need right now. Currently, OwnBackup provides cloud data protection, data archiving and sandbox seeding solutions for almost 4,000 organisations.