Swiss Data Backup Startup Veeam Raises $500 Million

Swiss data-backup company Veeam Software just won a $500 million vote of confidence from its backers, the company plans to announce Wednesday. The funding round, the largest startup financing since last summer, comes just one day after rival Rubrik Inc. announced it had raised $261 million—underscoring investors’ extreme interest in the data management industry.

Veeam is the latest richly backed startup to delay an initial public offering indefinitely. The funding round “gives us the freedom and flexibility not to go public,” said Ratmir Timashev, co-founder and executive vice president for marketing and sales at Veeam. “If we want to acquire somebody, we have enough cash. We don’t have to go to our stock.”