PROBLEM

Unable to complete the install the latest version because of error: "This application requires Microsoft .NET Framework v4.7.2 or later to run. Please install the .NET Framework then run this installer again".

CAUSE

VM Backup version 8.24 upwards requires .NET version 4.7.2 or higher.

SOLUTION

Download and install .NET 4.7.2 or later from here: https://dotnet.microsoft.com/download/dotnet-framework 

Note: If installing on Windows Server 2008R2, installation of SP1 is required before installing .NET 4.7.2

Once this is fully installed, you'll be able to proceed with the VM Backup installation.