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Backblaze CEO Gleb Budman told Business Insiderthat "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.
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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. However, there are some concerns about the company’s financials, such as a decreasing revenue growth rate and mixed profitability numbers.ĭespite said concerns, Backblaze’s valuation is low even after the IPO bump and it has major potential, so investors should strongly consider this company.īackblaze (NASDAQ:BLZE) launched its public IPO on Thursday, and the cloud company has had a strong start.
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raised $100 million in an IPO last Thursday and has attracted attention for going public without raising significant funds from private investors.īackblaze has secured a unique niche in the cloud storage by focusing on smaller businesses, enabling it to grow despite the threat of companies like Amazon.
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