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.
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“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. “
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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.
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