Changing the Cloud Marketīackblaze describes itself in its prospectus as "a leading storage cloud platform, providing businesses and consumers cloud services to store, use, and protect their data in an easy and affordable manner." The company has attracted 480,000 customers across 175 countries and keeps over 500 billion files available on demand. While there are some concerns in its financial numbers, it has a low valuation and other points in its favor.
This is a company which has managed to find its own niche in the cloud market despite the presence of giants like Amazon (NASDAQ: AMZN). Backblaze CEO Gleb Budman told Business Insider that "sitting on a large pile of cash on day one" worsens efficiency and morale, and so raised less than $3 million from outside investors.īut despite or perhaps because of these unusual qualities, there is a lot to like about Backblaze's potential. There has been a great deal of interest in Backblaze for the fact that it debuted at such a small market cap compared to the other IPOs which have market caps in the billions, as well as the fact that it raised so little from private investors. This gives the company a market cap of $671 million. The company saw its stock rise almost instantly, and currently sits at $22.99 as of Monday morning, a 44% increase. According to MarketWatch, Backblaze raised $100 million shares by selling 6.25 million shares at $16 apiece. Lucky-photographer/iStock Editorial via Getty Imagesīackblaze (NASDAQ: NASDAQ: BLZE) launched its public IPO on Thursday, and the cloud company has had a strong start.
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