OwnBackup, a late-stage startup that assists companies in the Salesforce ecosystem to back up their data, today announced a $240m Series E at a valuation of $3.35billion. This is an increase from the $1.4 billion announced in January by OwnBackup, which had a $167.5million Series D.Today's investment was led by Alkeon Capital, B Capital Group, and Tiger Global. Other investors included BlackRock Private Equity Partners, Tiger Global, and Sapphire Ventures. Vertex Ventures is a current investor. Since July last year, the company has raised over $500 million.This is a large amount of capital. However, OwnBackup CEO Sam Gutmann claims that business has been booming since 2018 as Salesforce's ecosystem has expanded. Veeva, nCino and Salesforce are all included. This kind of growth attracts investor attention. Gutmann reported that there was a lot of interest from investors in this round.The company also announced that it will now provide the same backup service for Microsoft Dynamics 365 customers. This greatly expands its market potential. We also announced that we will be expanding our reach into the Microsoft ecosystem, specifically Microsoft Dynamics 365's vast ecosystem. It is, I believe, the second largest SaaS B2B ecosystem after Salesforce. He said that we are just starting to get started, but are very excited about the possibility.The company sees an opportunity to expand the business by acquiring other companies. It has bought two small businesses in the past year. However, he said that this was more focused on acquiring talent to help develop the platform. Future acquisitions might be more focused on growing the business. He is certain.Gutmann believes that the company will take on more investment in the future. However, he is focusing on growth for the moment. We weren't focused on exiting. He said that we have been focusing on building a market that is already large and expanding into a larger market.With plans to double the number of employees in the next year, the company has grown to 500 employees. Gutmann admits that it is difficult to hire, but that he is always trying to diversify his workforce. It's very, very difficult. Although our hiring managers are very conscious of diversity, at the end the company wants the best people for the job. We have made great strides. Gutmann explained that we are working with Insight, one of our largest investors. Gutmann stated that they co-sponsor a program to train some minorities in technical fields, and then bring them on board as full-time employees.Gutmann claims that his offices have been open during the pandemic but that no one was required to enter them. Gutmann claims that his company is one that has added office space to make it more convenient to work from afar. The New Jersey-based company has expanded outdoor space to allow for work outside when it is possible.
