OwnBackup announced a $240 million Series E on August 10, 2021, at a reported private valuation of $3.35 billion—up from the $1.4 billion valuation reported for its January 2021 Series D. The company said it would use the financing to expand its cloud backup and recovery services beyond Salesforce, beginning with Microsoft.
What happened in OwnBackup’s Series E
OwnBackup, a cloud software provider focused on data protection, backup and recovery, announced the $240 million financing on August 10, 2021. The company said the round brought its cumulative funding to nearly $500 million. That total and the Series E terms were stated in the company’s announcement, distributed by Business Wire: OwnBackup’s funding announcement.
The $3.35 billion figure was the reported valuation associated with a private financing round. It was not a public-market share price, and it should not be read as OwnBackup’s current valuation.
How the reported valuation changed
| Round | Timing | Reported valuation |
|---|---|---|
| Series D | January 2021 | $1.4 billion, as reported by TechCrunch |
| Series E | August 10, 2021 | $3.35 billion, announced by OwnBackup |
The two reported figures show a $1.95 billion increase between the January and August financing valuations. They are private-round valuations reported by the respective sources, not independently established measures of enterprise value or a guarantee of what investors could later realize.
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- Easily store and access 2TB to content on the go with the Seagate Portable Drive, a USB external hard drive
- Designed to work with Windows or Mac computers, this external hard drive makes backup a snap just drag and drop
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Who invested in the round
Alkeon Capital and B Capital Group co-led the Series E. Other named participants were BlackRock Private Equity Partners and Tiger Global, alongside existing investors Insight Partners, Salesforce Ventures, Sapphire Ventures and Vertex Ventures. The investor list was reported by TechCrunch and included in the company’s announcement.
What OwnBackup backed up—and what it planned to add
At the time of the financing, OwnBackup’s business centered on protecting customer data in Salesforce’s cloud ecosystem. Its services were designed for backup and recovery: helping organizations preserve data and restore it after loss or unwanted changes.
Rank #2
- Slim durable design to help take your important files with you
- Vast capacities up to 6TB[1] to store your photos, videos, music, important documents and more
- Back up smarter with included device management software[2] with defense against ransomware
- Help secure your important files with password protection and hardware encryption
- 3-year limited warranty
The company said it intended to extend its backup and recovery coverage to other cloud platforms, starting with Microsoft. TechCrunch specified the planned expansion as Microsoft Dynamics 365. The announcement described a plan; it does not establish that the Microsoft product was already available on August 10, 2021.
Why the company said it was expanding
The financing was tied to a strategy to pursue customers using cloud platforms beyond Salesforce. CEO Sam Gutmann told TechCrunch that the company was focused on developing its market and expanding the business, rather than preparing for an exit. He also described the company as growing and having “great unit economics.” TechCrunch reported his statement that OwnBackup had achieved 100% year-over-year growth since 2018; that was a CEO-reported claim, not an independently audited performance measure.
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- Massive capacity, up to 22TB capacity. (1TB = one trillion bytes. Actual user capacity may be less depending on operating environment.).Specific uses: Personal
- Includes software for device management and backup with password protection (Download and installation required. Terms and conditions apply. User account registration may be required.)
- 256-bit AES hardware encryption
- SuperSpeed USB (5 Gbps); USB 2.0 compatible
- Trusted storage built with WD reliability
The funding announcement and reported valuation indicate investor interest in the company at that point in time. They do not, by themselves, establish market share, product performance relative to competitors or future returns.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happened after the 2021 financing
In September 2024, Salesforce announced a definitive agreement to acquire Own Company for approximately $1.9 billion in cash, net of Salesforce’s then approximately 10% stake, subject to customary purchase-price adjustments and closing conditions. Salesforce said it anticipated closing in its fiscal fourth quarter of 2025. That expected timetable is not confirmation that the transaction closed; the cited announcement describes an agreement and anticipated close, not verified completion: Salesforce’s acquisition announcement.
Quick Recap
Best Value
- Slim durable design to help take your important files with you
- Back up smarter with included device management software[2] with defense against ransomware
- Help secure your important files with password protection and hardware encryption
- 3-year limited warranty
Rank #4
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