![]() ![]() ![]() Backblaze Ownership - TMT Investments PLC will control 15.7% of total voting power after IPO, CEO and co-founder Gleb Budman 12.7%, Brian Wilson, Timothy Nufire, and Kwok Hang Ng 12.6% each, Charles Jones 12.3%, etc.ĩ. Revenue growth was driven primarily by increased usage of our cloud services, as well as an August 2021 price increase for our Computer Backup offering.Ĩ. For the three months ended September 30, 2021, we expect to report revenue in the range of $17.0 million to $17.3 million, representing growth in the range of 23% to 25% compared to the three months ended September 30, 2020. ![]() As of June 30 this year, the annual recurring revenue was $64.8 million while net losses were $6.1 million. Backblaze Financials - Backblaze said it registered revenues of $53.8 million in 2020, as well as a $6.6 million net loss. JMP and B.Riley are also taking part in the offering.ħ. BLZE IPO Underwriters - Oppenheimer, William Blair, and Raymond James are key IPO underwriters. The company intends to use raised proceeds to increase its financial flexibility and create a public market for our Class A common stock, obtain additional working capital, and facilitate our future access to the public equity markets.Ħ. BLZE IPO Raised Proceeds: Backblaze is looking to raise $100 million at the midpoint of the expected pricing range. Backblaze IPO Valuation - Backblaze is seeking a valuation of between $428 million to $485 million.ĥ. The S-1 filing shows the number of outstanding shares after IPO offering would be 28,545,893 shares.Ĥ. Shares Offered - Backblaze is looking to sell 6,250,000 shares. Backblaze IPO Pricing - Backblaze expects to price its shares between $15.00 and $17.00 per share.ģ. Its second product is called “Computer Backup.” It does what it says on the tin, for one computer or many.įor whom does Backblaze build? While the company claims that its “solutions are designed for individuals and businesses of all sizes and across all industries,” it does note a “particularly strong appeal to midmarket organizations,” or those with under 1,000 employees.2. 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. 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. Our operations have historically been efficient with limited outside investment. 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. 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. 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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