Cloud storage provider Backblaze raises $650M in IPOīackblaze, a cloud storage provider, raised $650 million in its IPO on Nasdaq. The company posted a net loss of $8.8 million in its latest fiscal year, compared to a net loss of $10.1 million the year before. In its most recent fiscal year, ended January 31, 2020, Backblaze recorded revenue of $103.9 million, up from $74.2 million the year before.
The backup service protects users’ data in the event of a hard drive failure, while the storage service provides access to files from anywhere. The company has more than 100,000 customers in over 150 countries.īackblaze offers two main services: backup and storage. The company had originally filed to go public in June, seeking to raise up to $300 million.īut in September, the company raised its target to $650 million, saying it had “experienced significant interest from public market investors.”īackblaze was founded in 2007 and is headquartered in San Mateo, California. The company announced on Tuesday that it has priced its initial public offering at $23 per share, valuing the company at $2.3 billion.īackblaze will trade on the Nasdaq under the ticker “BB.” Backblaze IPO values company at $2.3Bīackblaze, the cloud backup and storage company, is going public. The company will trade on the Nasdaq under the symbol “BZUN.” 3. Backblaze has over 100,000 customers in over 150 countries. The company was founded in 2007 and is headquartered in San Mateo, California. The company priced its IPO at $23 per share on Wednesday, raising $650 million. The company raised $650 million in the offering.īackblaze is a cloud storage provider that offers unlimited storage for a monthly fee. Cloud storage provider Backblaze prices IPO at $23 per shareīackblaze, a cloud storage provider, priced its IPO at $23 per share on Wednesday. In the past year, Nasdaq has also seen IPOs from Slack, 2. Nasdaq is quickly becoming the go-to exchange for tech IPOs. The other is Snowflake, which raised $3.4 billion in its IPO earlier this month. With the Backblaze IPO, Nasdaq now has two of the three biggest tech IPOs of the year. After a slow start to the year, there have been a number of high-profile tech IPOs in recent months, including Airbnb, DoorDash, and Snowflake. The Backblaze IPO is another sign that the tech IPO market is heating up. Nasdaq has been aggressively courting tech companies in recent years, and has been successful in convincing many to list on the exchange. The IPO is also a big win for Nasdaq, which has been working to attract more tech IPOs. The banks have been working with Backblaze for years and have been instrumental in helping the company grow. The IPO gives the company a much needed influx of cash to invest in its business and expand its product offerings.įor Goldman Sachs, Morgan Stanley, and Barclays, the IPO is a major coup. This is a big win for Backblaze and its investors, who have been waiting for the company to go public for years. Backblaze plans to use the proceeds from the IPO to invest in its business and expand its product offerings. The company has been profitable since 2014, and generated $233 million in revenue in 2020. The company has a pay-as-you-go pricing model, with customers paying for the amount of storage they use. Backblaze sold 28.3 million shares in the IPO, which was led by Goldman Sachs, Morgan Stanley, and Barclays.īackblaze provides cloud backup and storage services to more than half a million customers, including businesses and individual consumers. The company, which was founded in 2007, priced its shares at $23 each, valuating the company at $4.4 billion. Backblaze goes public with $650M IPOīackblaze, a cloud backup and storage company, went public on Friday with an initial public offering (IPO) that raised $650 million.
Backblaze was founded in 2007 and is headquartered in San Mateo, California. The company said it plans to raise up to $650 million in its initial public offering. Backblaze, a cloud backup and storage company, announced Thursday that it has filed to go public on Nasdaq.
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