- Cloud data protection company Rewind announced it has raised $15 million in a Series A round of funding led by Inovia Capital. These are the details.
Cloud data protection company Rewind announced it has raised $15 million in a Series A round of funding led by Inovia Capital. Based on a spike in businesses’ reliance on cloud applications over the last 3 years, Rewind has protected the data of over 80,000 businesses worldwide (including Badgley Mischka, Charmin, Magnolia, Pampers, and Paul Mitchel) and grown its revenue by 1,113%. And Ridge Ventures and Bessemer Venture Partners also participated in the round — which Rewind will use to fuel its continued expansion as it builds out backup-as-a-service (BaaS) support for business-critical SaaS applications.
SaaS providers generally have to back up their own cloud infrastructure, but they do not make account-level, business-critical information (such as sales, marketing, and financial data) available to users. And according to a recent Oracle report — while half of businesses plan to have all their data in the cloud in the next two years — most cloud users have lost data. Rewind essentially gives businesses of all sizes immediate access to usable comprehensive backups so they can quickly recover from a tiny data-entry error or a massive data disaster.
Rewind protects data in leading cloud apps such as BigCommerce, QuickBooks Online, and Shopify. And the company currently backs up over 33 billion data points globally.
With this round of funding, Rewind plans to fulfill its mission of protecting businesses by protecting their cloud data. And this round of funding will accelerate its product development pipeline, bringing new data protection solutions to market faster than any current BaaS provider.
Inovia Capital partner Magaly Charbonneau is joining Rewind’s board of directors. And Alexandra Sukin of Bessemer Venture Partners, Yousuf Khan of Ridge Ventures, and Alexander Rink of Rink Ventures will serve as observers
KEY QUOTES:
“It is no longer a matter of if a company will suffer a data loss, but when. Without comprehensive cloud data protection, businesses risk permanently losing critical data without much recourse. We are committed to giving all businesses a reliable way to protect and control the cloud data that fuels their business success. With the support of our investors, our goal is to develop advanced backup-as-a-service solutions for all top cloud apps.”
— Mike Potter, co-founder and CEO of Rewind
“Rewind provides solutions that are pivotal to the growth and proper utility of the cloud. Building reliable, secure backups is an opportunity that has the potential to scale across hundreds of applications and be part of the backbone of the way millions of businesses work and store their data. The incredible Rewind leadership team has already built a tremendously successful company – demonstrating customer growth and capital efficiency, while effectively scaling the number of supported applications – and is well-positioned to redefine comprehensive cloud data protection in the years ahead.”
— Magaly Charbonneau, partner at Inovia Capital – who is joining the Rewind board of directors
“Cloud data has become a fundamental element of modern business – and therefore, also a primary business risk – as more critical business operations move to the cloud. However, most organizations need to do much more in protecting their data by having a robust safety net. Rewind closes the cloud data protection gap.”
— Yousuf Khan, previously CIO at Pure Storage and now a partner at Ridge Ventures
