– CANADA, Ottawa – Rewind today announced the close of a USD 15 million Series A financing round led by Inovia Capital alongside Ridge Ventures and Bessemer Venture Partners also participating in the round.
Concurrent with the financing, Magaly Charbonneau of Inovia Capital will join the Board of Directors and will work closely with the team to support Rewind’s aggressive expansion efforts. Also, 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.
The new funding will use to fuel the continued expansion as the company builds out backup-as-a-service support for business-critical SaaS applications.
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.
“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,” said 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 the 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 fulfill 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,” said 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 centers 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.”
About Inovia Capital
Inovia Capital is a full-stack venture firm that partners with audacious founders to build enduring global technology companies. We seek to transform venture capital by perfecting the craft of investing in people first. We roll up our sleeves to serve founders with dedicated, long-term mentorship, a global talent network, and strategic support for global scale. Together, we rewrite the rules of complex legacy industries, push technology frontiers and pursue bold visions of a better future. Inovia Capital manages over USD 1B across five funds including early and growth stages and holds offices in Montreal, Toronto, Calgary, San Francisco, and London.
For more information: https://www.inovia.vc/
About Rewind
Since 2015, Rewind has been on a mission to help businesses protect their SaaS and cloud data. Today, over 80,000 customers in more than 100 countries use Rewind’s top-reviewed apps and support to ensure their software-as-as-service applications run uninterrupted. The Rewind platform enables companies to back up, restore and copy the critical data that drives their business.
For more information: https://rewind.com/
- Disclaimer - News, data, and statements included in this release are intended exclusively for general information purposes. Talent4Boards does not guarantee that news is accurate or about the correct person and accepts neither liability for the consequences of the reader’s reliance, nor responsibility for the accuracy of the information. Nothing in this release should be considered for decisions about referred securities. Products and brand names may be trademarks or registered trademarks of their respective owners.