5/7/2023 0 Comments Gleb budman![]() There were downsides to this, especially at first - "I can't live on ramen forever," Budman says of the lean times - but as the company found its footing, it became a real boon. ![]() ![]() And so on, as the company grew and could pay more competitively, with all of them getting exactly the same pay package even to this day. If they could afford to pay their people $10 an hour, all five men would get $10 an hour. Second, they would tie their salaries to each other and the company. Now, with about 50 employees, including all five founders, Backblaze has gone from nothing to sustainable business, in an industry where profitability is not taken for granted.Ī Backblaze data center, loaded with its trademark "storage pod" servers. It's a far cry from the company's modest start, where its self-funded beginnings meant that they built their first storage servers out of wood (seriously). Backblaze, for comparison, has only ever raised $5 million in 2012, well after the business was already profitable. Dropbox, valued at $10 billion, is free cash flow positive as of mid-2016, and recently announced that it was on a $1 billion run rate.īut there's a very big difference between Backblaze and the so-called Silicon Valley "unicorns." Over the last decade, Dropbox has raised over $600 million in venture capital funding, plus an additional $1.1 billion in debt financing. Dropbox, one of Backblaze's biggest competitors, is also ten years old this year. ![]() On Thursday, Backblaze CEO Gleb Budman revealed to Business Insider that the company just closed a $5 million sales quarter, putting it on track for a $20 million annualized run rate (ARR), the amount of money that Backblaze projects it will bring in this year if its current rate of business continues.Ĭompared to certain other Silicon Valley startups, Backblaze isn't necessarily a standout. Over the last 10 years, Silicon Valley startup Backblaze has quietly established itself as a useful and popular service, letting you back up your entire PC or Mac to the cloud for $5 per computer per month. Account icon An icon in the shape of a person's head and shoulders.
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