Rewind Closes USD $15 Million Series A to Meet Mounting Market Demand for Cloud Data Protection
Rewind today announced the close of a USD $15 million Series A round of financing led by Inovia Capital. Based on a dramatic spike in businesses’ reliance on cloud applications over the last three years, Rewind has protected the data of more than 80,000 businesses worldwide (including Badgley Mischka, Charmin, Magnolia, Pampers and Paul Mitchel) and grown its revenue by 1,113 percent. 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.
“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,” added Magaly Charbonneau, partner at Inovia Capital. “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.”
SaaS providers back up their own cloud infrastructure but don’t make account-level, business-critical information (such as sales, marketing and financial data) available to their users. 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 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.
Already protecting data in leading cloud apps like BigCommerce, QuickBooks Online, Shopify, and Shopify Plus, the company currently backs up over 33 billion data points globally. Rewind will use the funding to fulfil its mission of protecting businesses by protecting their cloud data. This raise will accelerate its product development pipeline, bringing new data protection solutions to market faster than any current BaaS provider. Actively hiring across all core business functions, Rewind will also use the new capital to strengthen its R&D, sales, marketing and customer service teams to support its global market expansion.
“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,” noted Yousuf Khan, previously CIO at Pure Storage and now a partner at Ridge Ventures. “Rewind closes the cloud data protection gap.”
Overcoming the complexities of supporting multiple cloud apps, the Rewind team has successfully created a repeatable product development process to build and replicate solutions across cloud platforms. Rewind offers a comprehensive backup-as-a-service solution with advanced features (including unlimited storage space and a full support team) and has the unique ability to dynamically scale and handle increased loads as business needs change. Its sophisticated cloud data protection platform is built using over 20 different services, and the company runs multiple data centres globally for data privacy, security, and compliance.
“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,” said Mike Potter, co-founder and CEO of Rewind. “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.”
Joining the Rewind Board of Directors, Charbonneau of Inovia Capital will work closely with the team to support Rewind’s aggressive expansion efforts. In addition, Alexandra Sukin of Bessemer Venture Partners, Yousuf Khan of Ridge Ventures, and Alexander Rink of Rink Ventures will provide their insight as observers.
After leading its seed round, ScaleUP Ventures also joined the round, as did Fundfire, Mistral Venture Partners, and technology-focused angel investors.