The company issued 6,300,000 shares at a price of 15.00-17.00 per share. Backblaze, a major player in cloud storage, makes headlines with its 100M IPO on Thursday-Friday, marking a significant milestone. It has a land-and-expand strategy - as customers generate, store, and back up more data, they use Backblaze more. (BLZE) raised 101 million in an IPO on Thursday, November 11th 2021. Substantially all of Backblaze’s revenue is recurring. Our sales-assisted selling motion has experienced substantial growth and helps customers that, in 2020, were approximately 20 times larger in terms of average revenue per customer than our self-serve customers.” (Backblaze), a leading storage cloud platform, today announced that it has launched the roadshow for its initial public offering. Our content encourages organic, inbound traffic that we believe serves as our greatest source of advocates and referrals.”Īnd, “in recent years we have begun to invest in a sales-assisted selling motion to identify opportunities to increase business with existing customers and to assist larger customers in adopting our services. We have fostered deep community engagement with valuable content we share on our blog - in 2020 alone, more than 3 million readers consumed content that we shared there. Prospective customers find us through a variety of channels including our website, partners, and brand advocates. Its filing states: “We have a highly efficient go-to-market model that is built on a self-serve selling motion. The company has relatively has low sales and marketing costs. Backblaze also cites on-premises offerings from Dell EMC and NetApp as competition.īackblaze revenue and profit/loss numbers from the S1 filing. Backblaze shares climbed 24 in their debut on Thursday and another 12 on Friday, lifting the price to 22. (Backblaze), a leading storage cloud platform, announced the pricing of its initial public offering of 6,250,000 shares of its Class A. Over 100 technology companies have listed on U.S. Its main competition comes from the big three CSPs: Amazon, Azure and Google. SAN MATEO, Calif.- ( BUSINESS WIRE )-Backblaze, Inc. There are two main products: B2 Cloud Storage and Computer Backup. The company raised 650 million in its initial public offering, pricing its shares at 23 each, above its previously stated range of 19 to 22. Cloud Backblaze Thursday Friday 100m IPO Conclusion Also, Read Signs of a Pentecostal Revival. Backblaze, a cloud backup and storage company, made its public debut on Nasdaq Friday, with its stock popping 30 percent in early trading. A 2012 Budman blog says Backblaze took in $5 million from TMT Investments. Cloud Storage Company Backblaze Goes Public with 100M IPO on Thursday and Friday. Prior to issuing $10 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 million in outside equity since our founding in 2007.” The filing states: “Our operations have historically been efficient with limited outside investment. Consequently its funding events have been sparse: $300K in 2009, a $5 million A-round in 2012, and a $2 million event in 2020 plus a $10 million convertible note round in August this year. The company was incorporated in 2007 and decided not to go the venture capital route, preferring to bootstrap its operations. This solidarity helped us build and sustain our culture through the first 14 years of our evolution.” That gives an insight into the somewhat unique company culture at Backblaze. Still, other could based services such as Sage have seen increased demand over 2021.Ĭurrently, BLZE stock is showing a daily gain of 5.56%, losing some premarket momentum but still adding another consecutive day of gains.Backblaze’s filing also says the founders “formed a salary tontine where, until the public offering is finalised, a core group of the original founders and some other very early employees agreed to make the same salary. Blaze stock seems to be set to continue how it has been with consecutive days of solid gains, bulls are active and are continuing to drive the fledgling stock, bringing the entirety of cloud-based stock with it.Īn alluring company in a thriving sector, Blaze riled up investors from the get-go – reinvigorating the cloud sector as an investment space set to balloon with global digitalization, yet many argue that the realms of the metaverse and increasing blockchain technology are the encroaching big-brother – set to displace the promise of cloud technology. The stock has surged almost 70% since the IPO on the 11th of November, smashing the $16 IPO target set on Thursday last week, with the price now pushing towards the $34.00 level.
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