Backblaze, a leading online backup provider, announced today that they have entered into an agreement with TMT Investments Plc to receive $5 million in equity financing. Backblaze is already profitable and growing rapidly, and this funding will be used to accelerate hiring for product development, global marketing, and partnerships. To date, Backblaze has been primarily self-funded, with the TMT investment being the first venture financing undertaken by the company. TMT Investments was set up in 2010 to invest in the technology, media and telecommunications sectors, with a particular emphasis on internet-based businesses. It funds companies operating in high-growth areas that have the potential to become multinationals
“TMT is a very good partner for Backblaze Their team is made up of successful entrepreneurs and operators and their experience in supporting high-growth companies targeting a multinational marketplace will be invaluable,” said Gleb Budman, CEO and co-founder of Backblaze. “Today’s investment will help us reach 90% of people who don’t back up their PCs and Macs regularly. “That’s right.
The TMT investment will be made in two equal distributions, one immediately and the other on the one year anniversary of the transaction. At that time, the shareholding of TMT will be worth between 13. 33% and 19 of them 05% of the company, depending on the performance of Backblaze Igor Shoifot, strategic advisor to TMT Investments, will be added to the Backblaze Board as an observer. The transaction was concluded yesterday.
“Backblaze has a proven high-quality service and an impressive growth rate,” said Alexander Selegenev, Executive Director at TMT Investments, adding, “TMT aims to invest in spectacular opportunities, and we believe Backblaze is one of those. The company is a leading player in the sizeable and fast-growing online data backup market, and we were impressed by their team, the technology they built, and the fact that they achieved profitability on a lean budget. We’re looking forward to a great partnership with Backblaze “That’s right.
The hallmark of the Backblaze service is how easy it is to set up and use it. There is no need to select which files to back up as all data is continuously and automatically backed up, and Backblaze provides unlimited cloud storage for backup of files, including external drives. If data is lost through a hard drive crash, a stolen or lost system, or a file or folder accidentally deleted, the data can be retrieved safely and easily from a web browser. Users also have the option of sending their data to a USB flash drive or external hard drive for an additional charge. Backblaze also includes the “Locate My Computer” feature that helps to locate a stolen or lost system.
Founded in 2007, Backblaze stores almost 400,000,000 GB of data for its customers on its own purpose-built cloud storage system. The company backs up 100,000 files per day and recovers 600,000,000 files for its customers in 2011. The online backup service is available in 11 languages and supports customers in more than 100 countries.
Additional information can be found on the backblaze blog post.
Founded by a team of serial entrepreneurs with a background in security, scalability and usability, located in the heart of Silicon Valley, Backblaze’s mission is to ensure that all computer data is backed up. Backblaze was selected as winner of the AlwaysOn Global Top 250 private game-changing technology and market value companies. Backblaze provides a free trial and automatically backs up all data on your PC or Mac for just $5/month, $50/year, or $95/two years. Visit: http://www Backlight Com to get more information or to backup your own computer Backblaze is a registered trade mark for Backblaze, Inc.
TMT Investments Plc
TMT Investments PLC invests in high-growth, internet-based companies across a variety of sectors that have the potential to become multinational companies. Founded in 2010, TMT Investments has invested USD 26m of firepower in 16 companies to date, including Backblaze, Astrid, DepositPhotos, Gild, Hotlist, Wanelo, Wrike and others. The objective of the company is to generate an attractive rate of return for shareholders, primarily through capital appreciation. The company is trading on the London Stock Exchange AIM market. http://www: Investments in tmt @tmt_plc.com
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