Rewind Closes USD $65 Million Series B as Demand for Cloud Backup and Recovery Solutions Continues to Grow
Oversubscribed round comes less than nine months after series A raise
Rewind announced the close of a USD $65 million Series B round of financing led by New York-based global private equity and venture capital firm Insight Partners to scale its efforts to provide backup and recovery solutions for the most widely used software-as-a-service (SaaS) tools for businesses. Bessemer Venture Partners, FundFire, Inovia Capital, Ridge Ventures, ScaleUp Ventures, and Union Ventures participated in the oversubscribed round. Atlassian Ventures, the investment arm of Atlassian (TEAM; NASDAQ) also made a strategic investment in Rewind as part of the Series B. The latest infusion of capital will help Rewind speed its product development pipeline so it can deliver data protection solutions for more business-critical SaaS applications as the threat of data breaches, user errors, cyberattacks, and ransomware continues to escalate.
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Adoption of SaaS tools continues to surge, with businesses worldwide already managing 80 different applications at any given time on average and SaaS tools expected to dominate the business software landscape by 2025 with only 15 percent being non-SaaS solutions. While respected SaaS providers actively backup their cloud infrastructure, they do not make account-level, business-critical information (such as sales, marketing, and financial data) available to their users. Yet, most cloud and SaaS backup and recovery solutions continue to center on supporting a handful of massive, enterprise players. Rewind is filling a major gap by extending cloud backup and recovery to more SaaS tools. Rewind ensures that over 100,000 businesses around the globe can quickly recover from any data issue – giving them immediate access to comprehensive, usable backups in six essential SaaS applications that would otherwise go unprotected.
“While we’ve continued to double revenue and software subscribers year over year, every day our team talks with seasoned technology professionals who still do not realize they lack full control of their vital business data,” said Mike Potter, co-founder and CEO of Rewind. “We see tremendous opportunities to backup the entire cloud and are working towards that vision. This latest round of funding will allow us to expand our reach, bring additional SaaS backup solutions to the market, and raise awareness for the need to include all cloud and SaaS applications in a business’s backup and recovery strategy.”
“Cloud software dominates the modern business landscape, and the demand for cloud backup and recovery tools will continue to grow as businesses of all sizes, especially small and mid-size organizations, look to ensure business continuity by mitigating the fallout of data disasters and the incessant barrage of data attacks,” said John True, operating partner at Insight Partners. “We see Rewind as a pillar of the cloud backup and recovery space.”
Since closing its Series A funding earlier this year, Rewind has significantly expanded its product offering. Adding more applications to its suite of solutions through both in-house development and a strategic acquisition, Rewind now backs up more than 53 billion data points in top cloud apps such as BigCommerce, GitHub, QuickBooks Online, Shopify, Shopify Plus, and Trello for customers in more than 100 countries.
The company also continues to actively build out its team to support its global expansion, recently surpassing the 100 employee mark and appointing seasoned technology leader Jason Karsh as Chief Marketing Officer. With more than two decades of experience in senior marketing positions at eBay, Kijiji and Workopolis, he will focus on growing the company’s brand presence and elevating awareness of the needs for Rewind’s services. Rewind plans to triple in size by the end of next year.
John True of Insight Partners will join the Rewind Board of Directors, while Jared Rosen of Insight Partners and Hugues Lalancette of Inovia Capital will join as observers.
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