On April 5, 2021, cloud storage provider Backblaze filed for a $100M Nasdaq Initial Public Offering (IPO). This IPO marks the first of its kind for a cloud storage provider and could bring significant transformations to the industry. Backblaze is a relatively young company, having been founded in 2007. However, it has quickly gained recognition for its user-friendly offerings and consistently reliable service. It’s no surprise that the company has decided to go public on the heels of its continued success. This blog post will explore what this IPO means for Backblaze and the cloud storage industry. We’ll also look at what this move could mean for other players in the market and how investors can benefit from such an offering.
Cloud Storage Provider Backblaze Files for a $100M Nasdaq IPO
Backblaze, a cloud storage provider, has filed for a $100 million initial public offering on the Nasdaq.
Founded in 2007, Backblaze offers unlimited backup for PC and Macs for just $5 per month. It has over 750,000 customers and stores over 50 petabytes of data.
The company plans to use the proceeds from the IPO to expand its product offerings and invest in its infrastructure.
This is good news for the cloud storage industry, which has been consolidating of late with significant players like Dropbox and Google drive exiting the market. cloud backblaze nasdaq 100m ipo
What is Backblaze?
Founded in 2007, Backblaze is a cloud storage provider with over 500PB of data stored on its servers. The company has raised $94 million in funding from investors, including Accel Partners, Andreessen Horowitz, Index Ventures, and Kleiner Perkins Caufield & Byers.
Backblaze offers two main products: B2 Cloud Storage and Computer Backup. B2 Cloud Storage is a low-cost cloud storage service that integrates with leading applications such as Amazon S3, Google Cloud Storage, Microsoft Azure, and more. Computer Backup is an automatic backup solution that backs data from PCs and Macs to the cloud.
The company has been profitable since 2009 and generated $32.5 million in revenue in 2016. It is headquartered in San Mateo, California, and has 85 employees.
What Does Backblaze Offer?
Backblaze is a cloud storage provider that offers a variety of features and services. For individuals, Backblaze provides unlimited backup for $5 per month. For businesses, Backblaze offers complete backup and archiving for $10 per month per computer. Backblaze offers enterprise-level services, such as private clouds and custom data centers.
How Does Backblaze Work?
First, you install the Backblaze software on your computer. The software then runs in the background, automatically backing your files to our secure data center. If you ever need to restore your files, you can do so easily via the Backblaze website or mobile app. Plus, we keep your backups forever unless you delete them, so you never have to worry about losing your important data.
What are the Benefits of Using Backblaze?
There are many benefits of using Backblaze, including the following:
-Affordable pricing: Backblaze is one of the most affordable cloud storage providers, with plans starting at just $5/month.
-Unlimited storage: Backblaze offers unlimited storage space, so you never have to worry about running out of room.
-Easy to use: Backblaze is easy to use and set up, so you can start storing your data immediately.
-Security: Backblaze uses 256-bit AES encryption to keep your data safe and secure.
-Reliable: Backblaze has a 99.9999% uptime, so you can always access your data when needed.
Drawbacks of Backblaze
There are a few potential drawbacks to using Backblaze as your cloud storage provider:
- The company has been known to have issues with customer service. There have been reports of long wait times for customer support and problems with billing.
- While Backblaze’s pricing is competitive, there are other options on the market.
- Some users have complained about the quality of the backups; specifically that older versions of files are only sometimes available.
How to Use Backblaze
Assuming you are already a Backblaze customer, here is how you can use the service:
First, you need to download and install the Backblaze software. This can be done by visiting the Backblaze website and clicking the “Download” button once the software has been downloaded, double-clicking on the installer file, and following the prompts to complete the installation.
Once the software has been installed, launch it and sign in with your account credentials. You will then be presented with the application’s main interface, consisting of several tabs. The first tab is “Files,” where you can view your backups. The second tab is titled “Settings,” where you can configure various options, such as when to run backups, what files to include/exclude, etc.
The final tab is titled “Account,” where you can manage your account settings, such as changing your password, upgrading your plan, etc.
Pricing
Assuming a $M Nasdaq IPO valuation, Backblaze would be the latest in a string of cloud storage companies to go public this year.
The company could use the proceeds to invest in its data center infrastructure and expand into new markets.
Backblaze was founded in 2007 and is headquartered in San Mateo, California. The company offers unlimited backup for Macs and PCs for $5 per month or $50 per year.
In March, the company announced it had over 700,000 customers and was on track to generate $100 million in annual revenue.
Alternatives to Backblaze
1. Amazon S3: Amazon Simple Storage Service (S3) is an object storage service that offers industry-leading scalability, data availability, security, and performance.
2. Google Cloud Storage: Google Cloud Storage is a unified object storage solution for developers and enterprises. It offers high availability, durability, and security at scale.
3. Azure Blob Storage: Azure Blob storage is Microsoft’s object storage solution for the cloud. It offers industry-leading performance, scalability, and security at a cost-effective price.
4. Wasabi Hot Cloud Storage: Wasabi Hot Cloud Storage is a next-generation cloud storage service that offers unparalleled speed, affordability, and security.
5. Backblaze B2 Cloud Storage: Backblaze B2 Cloud Storage is a low-cost cloud storage service that offers reliable backup and disaster recovery solutions.
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