The B2 division takes on S3 cloud storage offerings from Amazon. It has 500,000 subscription customers and will boost sales with these funds. Backblaze has two exabytes under storage. Backblaze went public for several reasons, opening up the company books to clients while proving its maturity with a technology play for the long haul. LONDON, UK: Backblaze Inc., a leading cloud storage platform has priced its initial public offering of 6.25 million shares of its Class A common stock at a price to the public of 16 per share, for gross proceeds to Backblaze of 100 before underwriting discounts, commissions, and offering expenses payable by Backblaze. He added that the company has efficiently developed its reach and operations over the years. According to the company’s CEO & co-founder, Gleb Budman, investors were always eager for a company approaching a public listing while having raised a tiny sum of money to date. The company began in 2007 and issued $10 million sometime earlier through convertible notes. Twenty-one companies debuting in 2021 have valuations exceeding $10 billion.īackblaze got $3 million in funding from external investors along its journey. 100+ tech companies have already gone public in the USA. Backblaze has a market cap of $650 million in the micro-cap segment. They also increased by 12% again, taking the share price to $22.31. The company got $100 million in funding, with its shares rising by 24% afterward.
They were $16.2 million for the period, according to reports. The company revenues were $59.9 million for the year, concluding on 30th June, with Q2 sales figures increasing by 17%. At the other end of the spectrum, Backblaze made news with another IPO. The market cap went past $105 billion for Rivian Automotive afterward, putting it ahead of General Motors and Ford. Yet, the company made headlines, raising almost $12 billion with an IPO. Rivian Automotive, a leading electric vehicle manufacturer, currently has negligible revenues.
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