Friday, September 17, 2021

SaaS Rewind data backup and recovery platform raises $ 65 million

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Rewind, a data recovery and backup platform for software-as-a-service (SaaS) applications, has raised $ 65 million in a Series B funding round.

Founded in Ottawa, Canada in 2015, Rewind historically offered data backup services for companies running Shopify, BigCommerce, and Intuit QuickBooks, but earlier this year the company acquired BackHub to extend its support to GitHub and later added support for Trello.

Shared responsibility

The “problem” that Rewind and its peers are striving to solve is that most SaaS platforms operate on what is known as a “shared responsibility” model, in which the owner of the platform (for example, Shopify) You are obligated to provide security and disaster recovery at the infrastructure level. so that in the event of a system-wide catastrophe, you can restore all your customer accounts at once. However, customers themselves remain responsible for the security and management of individual accounts in their own instance, including password management, permissions, and data backup.

While there may be some workarounds available to customers looking to back up their data to SaaS applications like Trello, these are typically resource-intensive endeavors and will not facilitate data restoration in the event of a disaster. And that, ultimately, is what Rewind is set up for: it’s all about “version control,” giving SaaS application users the control to restore any file or data to a specific date and time.

Above: Shopify: Restore

Gardener forecasts “Global end-user spending on public cloud” will grow 18% in 2021, of which SaaS remains the largest segment; it is estimated to reach $ 117.7 billion this year, up from $ 101 billion in 2020.

“As companies become more reliant on cloud tools and the data stored in them, having backups is likely to become standard practice for both data and business continuity,” said the Rewind co-founder and CEO Mike Potter at VentureBeat. “While enterprise backup players are tackling major software tools like Microsoft and Salesforce, the industry is eager for the ability to confidently back up and easily restore data from the growing list of cloud applications and tools that keep customers running. companies in operation. That’s where Rewind comes in. “

Additionally, with the rapid transition to cloud-based services, countless external (and internal) threats emerge, including human error, cyberattacks, and the growing scourge of ransomware, although Potter noted that there are numerous reasons that his clients cite. to require data backup and recovery services. .

“Cyberattacks and ransomware are clearly a growing business threat,” he said. “But the reasons we still hear more often are the elimination of the labor cost of manual restorations; compliance for designations such as SOC2, HIPAA, or I SO; data or business continuity; and protection of intellectual property “.

Demand

Before now, Rewind had raised just over $ 15 million, most of which came through its series A round announced in January. With another $ 65 million in the bank, from esteemed investors such as Insight Partners, Bessemer Venture Partners, Atlassian Ventures, Union Ventures, FundFire, Inovia Capital, Ridge Ventures and ScaleUp Ventures, the company is well funded to capitalize on the growth push across industries towards Cloud.

But why raise again so soon after your last round of funding? It is about doubling the growth it has experienced during the pandemic, driven substantially by the rapid adoption of remote working.

“The demand for cloud backup services is continually increasing, especially as companies choose to remain remote or adopt hybrid work scenarios,” Potter explained. “We are looking to maintain the growth we have seen since 2020. This latest round will allow us to continue developing new backup solutions for SaaS and hire the talent needed to bring these products to market.”

Rewind’s rise comes on the heels of several other players in the space announcing sizable investments, including OwnBackup, which recently secured $ 240 million at a whopping $ 3.35 billion valuation, and Druva, which made $ 147 million at a higher valuation. to $ 2 trillion. Veeam, meanwhile, was acquired by Insight Partners last year in a $ 5 billion deal.

Rewind seeks to consolidate its own position in the data backup and recovery space “by filling a critical gap in current backup protection efforts” by extending its coverage to many more applications that companies of all sizes have come to rely on. . The company has already announced plans to integrate with SaaS services such as Xero, Zendesk, GitLab, Bitbucket, Jira, Weebly, HubSpot, Zoho, Confluence, Basecamp, Monday.com, Asana, and Airtable, with respective releases planned in the coming years. months and early 2022. This move will also open Rewind’s appeal more to the business sphere.

“The problems we are solving for companies are similar to those for SMEs; however, we currently serve more SMB clients than businesses, ”said Potter. “As we move to support platforms like Zendesk, Jira and Bitbucket, we will start to see more enterprise customers.”

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