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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