The answer of this question is "Yes". You can backup RAW files to your Picasa account. Picasa supports .jpg file format, RAW photo format as well as Google's WebP image format. Picasa allows you to backup your original photo in a .jpg file format. The photo should not be larger than 20 MB and it is resticted to 50 megapixels or less. You need to upload photo in 'Original Size' and does not have any unsaved edits to it. You can view and edit RAW files in Picasa. You can also save the finished edit without any changes to the original RAW file.
Following are the manufacturers that are supported by Picasa for RAW Formats: Adobe (.DNG), Canon (.CRW, .CR2), Casio (.RAW), Fuji (.RAF), Hasselblad (.3FR), Kodak (.DCR, .KDC), Leica (.DNG, .RAW), Minolta (.MRW), Nikon (.NEF, .NRW), Olympus (.ORF), Panasonic (.RAW, .RW2), Pentax (.PEF), Ricoh (.DNG), Samsung (.DNG), Sigma (.X3F), Sony (.ARW, .SRF, .SR2).
You can install PicBackMan's Picasa uploader for Mac from the website and start backing up photos and videos.