# Rewind Financial Model

Account-level cloud backup software for SaaS apps, targeting SMBs.

- Canonical: https://finamodel.com/startups/rewind
- Excel download: https://finamodel.com/startup-models/rewind.xlsx
- Category: Enterprise/Security
- Model type: SaaS ARR / Valuation
- Funding round: Series A
- Funding: $15M
- Founded: 2021
- Geography: Canada (Ottawa HQ); product sold internationally to SMBs on platforms like Shopify.
- Customer: B2B

## About the company

Rewind provides account-level cloud-backup software for SaaS applications, focused on SMB customers. It protects business data from loss or error, giving small companies an accessible backup-as-a-service product.

The company serves two vertical channels, e-commerce and accounting, which can have different partner relationships, customer needs, and acquisition economics. Revenue is recurring subscription income tied to the applications and accounts protected.

The model builds ARR by vertical, with new customers, protected accounts, pricing, expansion, and churn. It separately tests channel contribution, storage and delivery costs, gross margin, sales and partner expense, support, product investment, and cash runway.

## What's included

- 5-year monthly revenue build with stage-appropriate growth assumptions
- Full P&L, headcount plan, and operating-expense schedule
- Cash-flow statement, runway, and burn-rate tracking
- Valuation via exit multiple with a DCF cross-check
- Returns analysis with MOIC and IRR
- Unit economics including CAC, LTV, payback, and cohort retention

## Product & value proposition

Account-level backup and restore for SaaS platforms (e.g. Shopify stores, QuickBooks/Xero accounts). Unlike platform-level backups that protect against catastrophic data center events, Rewind protects against the high-frequency, likely causes of data loss: human error, CSV imports gone wrong, malicious deletion, third-party app errors.

Key claim: 20% of customers actively restore data using Rewind - demonstrating product stickiness and real-world utility.

Customer logos shown: Knix, Badgley Mischka, MVMT, Endy.

## Market

No TAM/SAM/SOM figures stated in the deck.

Context data provided (Blissfully, 2019 source):
- Number of SaaS apps per company scales with headcount: 40 apps (0–50 employees) to 203 apps (1,000+ employees).
- Average SaaS spend per company rose from near $0 in 2008 to ~$300,000/year by 2018 (area chart, steep curve post-2014).
- Market framing: companies using more SaaS apps and spending more - growing the addressable pool of data that needs backup.

No explicit TAM/SAM/SOM dollar figures in deck.

## Revenue model

Two verticals, both subscription (monthly):

**E-Commerce (Shopify primary)**
- Pricing basis: number of orders per month on the store
- Price range: $3 to $299/month (usage-tiered)

**Accounting (QuickBooks / Xero)**
- Pricing basis: number of client accounts managed
- Price per account: $9/account/month

Distribution channel: app marketplaces (Shopify App Store, QuickBooks App Store implied). Not stated explicitly but implied by "SMB focused platforms" language.

## Traction & metrics

- 20% of customers have restored data using Rewind
- 49th fastest growing company in Canada (as of ~2020, confidential at deck time)
- Deloitte Fast 50 "Companies to Watch" 2019
- Deloitte Technology Fast 500 North America 2019
- Customer logos include recognizable DTC brands: Knix, MVMT, Endy, Badgley Mischka

No revenue figures, ARR, MRR, customer count, or growth rate stated in the deck.

## Competition / moat

Competitive positioning: SMB + Cloud quadrant. Rewind is positioned as the only pure-play SMB-focused cloud/SaaS backup tool.

Competitors mapped on Desktop vs Cloud / SMB vs Enterprise axes:
- SMB + Desktop: Backblaze, Carbonite, Code42
- Enterprise + Desktop: CommVault, SolarWinds MSP, Barracuda, VEEAM, Acronis, Druva
- Enterprise + Cloud: OwnBackup (raised $100M noted on slide), Spanning (by Kaseya), Backupify
- SMB + Cloud: Rewind, Skyvia

Moat framing: native marketplace integrations, account-level granularity that platform backups don't offer, and high restore rate (20%) suggesting strong activation and retention.

## Team & funding ask / use of funds

**Team**:
- Mike Potter - Co-Founder, CEO; 20+ years development, product management, product marketing
- James Ciesielski - Co-Founder, CTO; 12+ years in payment, mobile, telecom development; 40 Under 40 winner
- Sam Wehbe - COO; 15+ years marketing; prior roles at Privacy Analytics, 360pi, Protus
- Dave North - Director, Technical Operations; AWS expert, 8 years DevOps, 15+ years product management, 4 patents
- Kirsi Maharaj - HR Manager; 5 years HR/talent acquisition
- Dave Horne - Head of Product; 12+ years product marketing; VP Marketing at MASV, Klipfolio, Blaze, Akamai

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## Recommended financial model

- **Archetype + why**: SaaS subscription model with two parallel revenue streams (e-commerce tier-based, accounting per-seat). The business is pure recurring subscription with usage-based pricing tiers - a tiered MRR/ARR model is the right fit. Not a marketplace GMV model; not a usage-based consumption model in the metered sense - closer to a per-unit subscription tier.

- **Forecast horizon & granularity**: 3 years (36 months) monthly, with annual summary. Monthly granularity needed to capture subscriber adds/churns and tier migration.

- **Key drivers & assumptions**:

  *E-Commerce channel:*
  - New subscribers added per month
  - Churn rate (monthly)
  - ARPU - blended across $3–$299 range
  - Tier distribution (% of customers on each price tier)

  *Accounting channel:*
  - Number of accounting firm customers
  - Accounts per firm
  - Price: $9/account/month
  - Churn rate

  *Shared:*
  - Gross margin
  - Headcount & S&M spend
  - Revenue growth rate

- **Scenarios (Base / Bull / Bear - which variables flex)**:
  - Bear: higher churn (4%/mo e-commerce), lower new subscriber adds, ARPU at low end (~$25 blended)
  - Base: 2.5% churn, moderate adds, ~$40 blended ARPU
  - Bull: land-and-expand across more SaaS platforms, lower churn (1.5%), ARPU expansion from tier upgrades

- **Required sheets / outputs**:
  1. Assumptions - all drivers in one place with scenario toggle
  2. E-Commerce MRR build (subscriber waterfall: adds, churns, net, ARPU, MRR)
  3. Accounting MRR build (customer × accounts × $9)
  4. Combined MRR → ARR roll-up
  5. P&L - Revenue, COGS (storage/infrastructure), Gross Profit, S&M, R&D, G&A, EBITDA
  6. Headcount plan (linked to opex)
  7. Cash / runway (if raise amount ever provided)
  8. Dashboard - ARR, MRR growth, churn, ARPU, gross margin

## Frequently asked questions

### Is the Rewind financial model free?

Yes. The Rewind model is a free Excel download with live formulas.

### Can I change the assumptions?

Yes. The workbook is editable and its live formulas recalculate when assumptions change.