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Rubrik

Cloud Data Management solutions
Pre-IPO
Medium risk

Valuation in 2016-2019

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Investment Idea Details
About the company

Rubrik is a single software platform that delivers backup, instant recovery, archival, search, analytics, compliance, and copy data management. It targets the B2B market with its data management systems for hybrid clouds.

As of November 2021, the company has more than 1,800 employees in 18 countries supporting its more than 3,300 customers including the global leaders across multiple industries, such as Adobe, Allstate, Cisco, Expedia, Mazda and others.

Rubrik was recently named in the 2021 Forbes Cloud 100, the annual ranking of the world's top private cloud companies, alongside other respected companies such as Stripe, Databricks, and Canva, for the fifth time. Also, for the second year straight it was recognized as a leader in the 2021 Gartner Magic Quadrant for Data Center Backup and Recovery Solutions and as Publisher’s Choice in Data Recovery at 2021 Global InfoSec Awards.

Market Opportunities

The global enterprise data management market size is expected to reach $208.87 billion by 2028, registering a CAGR of 13.8%. Being one of the current market leaders, Rubrik will expand investment in go-to-market activities with the company's partners including Microsoft, Cisco, AWS, SAP, Nutanix, Oracle, VMware, Google Cloud, Pure Storage, and others.

In August 2021 Microsoft invested in Rubrik and now two companies will jointly sell software based on Microsoft’s Azure cloud to prevent, find and recover from ransomware attacks. The products also make sure backup copies of customer data aren't compromised by the hackers. The companies currently share 2,000 customers.

Risks

Rubrik faces strong competition in the data management industry from a number of firms, including its closest rival Cohesity. This may negatively affect its long-term viability and valuation.

Financials and Valuation

Rubrik claimed it achieved a $600 million annualized gross run rate for the fiscal 2020 year ended January 31. The company’s ARR in 2017 approached $100 million and the fiscal 2018 amount was around $300 million. About half of the fiscal 2020 bookings came from customers who spent $1 million or more on Rubrik products and services to date. Subscriptions accounted for nearly half of bookings by the end of the year. .

Rubrik had $261 million Series E investment at a $3.3 billion valuation in January 2019 and then in August 2021 the company also received an undisclosed amount of investments from Microsoft. The funding totalled in the low tens of millions and valued Rubrik at about $4 billion. As of November 2021 Rubrik's total venture backing is over $559 million. It’s most recognised investors include Bain Capital Ventures (invested in Dynatrace, LinkedIn), Greylock Partners (invested in Facebook, Instagram, Okta), and IVP (invested in Twitter, Uber, CrowdStrike, Netflix, Zendesk).

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Publication
25 Sep
Minimum Amount
1 share
2. Buying shares

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Shares Outstanding
Limited
3. Public Offering

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Public Offering Date
Pending
Estimated Gains
+150%
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Exit
̴ 2021
Early Exit

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Fees

ENTRY FEE

3.5% of the share purchase amount. The fee is charged at confirmation of your investment bid.

EXIT FEE

0.5% of the share sell amount after the trade. The fee is charged at the investment exit.

SUCCESS FEE

20% of the profit gain. The fee is charged only if the trade is profitable at the time of exiting.

EARLY EXIT FEE

Usually a 15% fee is charged subject to the actual situation at the exchange. The fee is calculated individually for each investment.

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Risks

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  • Illiquidity. There is a possibility that early exit from this investment will take more than 1 month.
  • Asymmetric information. Management and current investors have access to more internal information about the company than other market participants.
  • Time uncertainty. There is no information regarding next financing round or exit strategy timeframe (IPO or M&A).
  • Share dilution. The issue of additional shares by a company may reduce the value of shares of existing investors.

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