The company currently has about 500,000 customers across more than 175 countries. Users can also make use of the company’s services to host content, manage media, build apps, and more. Riley Securities are serving as the joint book-running managers for it.įinally, Lake Street is acting as the co-manager of the IPO.ħ F-Rated Stocks to Sell Before We Reach Christmasīackblaze is a cloud storage company that makes it easy for users to save their data. Oppenheimer & Co., William Blair and Raymond James are the lead book-running managers for the offering. Underwriters also have a 30-day option to purchase an additional 937,500 shares at the IPO price. This has Backblaze expecting gross proceeds of $100 million from the IPO. It’s also worth noting that the offering includes 6.25 million shares. It’s pricing these shares at $16 each, which is the midpoint of its previous range of $15 to $17 per share. Let’s jump into all the details traders need to know about the Backblaze IPO.įirst off, the company plans to list shares of BLZE stock on the Nasdaq Exchange. 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.An image of a cloud imprinted on a circuit board lit up by blue circuit lights representing the backblaze IPO and stock. 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.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |