The company offers “B2 Cloud Storage,” a tool that includes API access for developers looking to back up information, mesh with third-party content delivery networks (CDNs) and the like. Let’s go! How Backblaze grew to IPO scale without losing all of god’s moneyīackblaze has two main products, both of which sit atop its “storage cloud.” Or, as I like to think of it, a large bucket of online storage capacity. Finally, we’ll pick up a topic we touched on last weekend, namely specialty cloud infra providers and how they may stack up with the public cloud giants. Why? Because by offering storage, our presumption is that Backblaze has somewhat lackluster gross margins. And we’ll want to look at its gross margins. Naturally, we’re going to figure out just how the company managed to grow to its current size without losing nine figures worth of venture money. I know they have some addons like extending the duration of their online backup if not connected for longer than 2.
BACKBLAZE RAISES PRICING PERSONAL BACKUP SOFTWARE
Prior to issuing $10.0 million of convertible notes (which we also refer to as a Simple Agreement for Future Equity agreement (SAFE)) in a private financing round in August 2021, we had raised less than $3.0 million in outside equity since our founding in 2007.ĭid anyone else mostly forget that you can build IPO-ready software companies without utter truckloads of external cash? Here’s a reminder. If anyone knows or tries it, put it here. The two-year plan is increasing to 110 versus the previous 95 price. Our operations have historically been efficient with limited outside investment. Personal (one user, unlimited computers, unlimited storage, no media libraries or NAS). The month-by-month subscription will rise from 5 to 6, and the annual fee will jump to 60 from the current 50. The company confirmed that in its filing, stating that: Indeed, per Crunchbase data, it only raised a handful of millions during its private life. That’s because it has a track record of not losing money. So, we’re digging in.īackblaze, based in San Mateo, California, has a very limited venture capital history. It turns out that there are a few twists to the company’s filing that make it really worth our time. Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday. The Exchange explores startups, markets and money. You can connect an unlimited number of devices (or business users), and backing up and restoring files is easy. Frankly, given how limited my knowledge of the storage-focused software company was before reading its IPO filing, I was almost ready to stick it in The Exchange newsletter for the weekend. IDrive is a great cloud backup for both personal and business use, and it offers a huge amount of storage for the price. This time our target is Backblaze, which you may not be familiar with. Sure, Facebook is apparently rebranding as a metaverse company - because that will fix its trust deficit - but this morning we’re jumping right back into the IPO game instead of making rude jokes at the social giant’s expense.
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