Ukrainian backup service Spinbackup raised a round of $1.5 million

Ukrainian company Spinbackup, which is developing a cloud data backup service, has attracted a new round of investments in the amount of $ 1.5 million. The lead investor is the Polish foundation bValue, with the participation of TMT Investments and angel investors from Silicon Valley. The deal was closed in December 2018. The first investors, the Ukrainian fund AVentures Capital, helped the team to find investors in this round.

According to the company’s founder, Dmytro Dontsov, part of the money raised will be spent to expand the team, including in Kyiv and Odesa. Now the company employs about 30 people, they want to hire 10 more specialists.

Dmytro Dontsov, CEO of the company, founded the Spinbackup in 2013, the company has development offices in Kyiv and Odesa, as well as sales offices abroad, in particular, in the United States. It is an official partner of Google and Microsoft, its products are in the Google G Suite Marketplace catalog, it also received the status of Amazon’s Advanced Technology Partner.

The company sells services for automatic backup of data from the cloud, recovery of lost data, data migration, as well as cybersecurity products (for example, protection against data leakage, audit of the behavior of cloud service users, etc.) In addition to backing up for G Suite, the team launched a similar feature for Office 365 last December.

Now the company is engaged in the direction of cyber security. For example, their solution can analyze connected applications to employee accounts and create custom policies: disable access for applications that have full access to user documents and can change them (download/delete/edit) without the user’s knowledge.

The company’s customers include more than 2,000 organizations that use both G Suite and Office 365. These are typically small and medium businesses, as well as universities, for example, the University of Tokyo, Gurnick Academy of Medical Arts and others. The basic business model is a subscription: the backup service for the G Suite costs  $5 per month per user.