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Rewind raised $65M in a Series B funding round led by Insight Partners to build its new backup solutions for SaaS and hire the talent required to get the products to market
Rewind, a backup platform for SaaS applications and data, raised $65 million in a Series B round led by Insight Partners to double down on its increased growth and cross-industry push to the cloud, reports state.
The Series A funding for Rewind came in January this year, where it netted $15 million. Its Series B involved participation from Bessemer Venture Partners, Atlassian Ventures, Union Ventures, FundFire, Inovia Capital, Ridge Ventures, and ScaleUp Ventures.
Rewind, founded in 2015, helps businesses protect their SaaS data via backups and empower them to recover the data they need for consistent growth. Its services span over 80,000 organizations across 100 countries. Mike Potter, CEO of Rewind, told VentureBeat that with businesses’ increasing reliance on cloud tools and their data storage, having backups is a necessary practice for data and business continuity.
“While enterprise backup players are tackling the major software tools like Microsoft and Salesforce, the industry is hungry for the ability to confidently backup and easily restore data from the growing list of applications and cloud tools that keep businesses running. That is where Rewind comes in,” Mike said.
Mike also noted that cyberattacks and ransomware are the bigger business threats as rapid transition to cloud-based services take place. Mike added that the proceeds from the funding would help it continue to build its new backup solutions for SaaS and hire the talent required to get the products to market.
“The demand for cloud backup services is continually increasing, especially as companies are choosing to remain remote or embrace hybrid work scenarios,” Mike opined.