Cloud Firm Backblaze Files to Go Public on the Nasdaq
Published · Oct 24, 2021
Cloud firm Backblaze files to go public on Nasdaq. It will be trading under the symbol “BLZE”.
Backblaze was established in 2007. Although often overlooked in favor of bigger companies, the cloud provider has a solid track record of serving smaller clients.
At first, the firm focused primarily on cloud backup, but in 2016, it expanded its offerings to include cloud storage. This boosted its popularity and put it in competition with major cloud providers like AWS, Google, and Microsoft.
Despite not being able to beat the big three, Backblaze managed to distinguish itself as a great cloud solution for newer users. It holds firms like California’s King County and American Public Television among its client base.
Backblaze reported $2.4 million in losses on $16.2 million revenue in Q2 of 2021. Its revenue grew 24% in the following quarter, but so did the losses—by $1.9 million. Beginning August, Backblaze had raised a little under $3 million from outside investors.
When a company’s structure shifts, employees can be wary. Earlier this year, Mailchimp employees were outraged by the decision to sell the firm. However, the shift from independent to public can have its benefits. For starters, by going public, Backblaze will be able to bring in more money.
Most of the biggest cloud providers are publicly listed. The big three all went public earlier on in their development.
Of course, there are tradeoffs to this. For one thing, public listings open up companies to shareholder influence and greater regulatory oversight.
That said, the listing seems to be a net positive for Backblaze. With its current niche carved out, more funding and exposure is likely to benefit it long term.
Garan is a writer interested in how tech reshapes the environment, and how the environment reshapes tech. You'll usually find him inoculating against future shock and arguing with bots.