A huge problem for companies these days is discovering methods to link different data sources to their data repositories, and Fivetran is a startup with a solution to solve that really issue. No surprise then that even throughout a pandemic, the business announced today that it has raised a$100 million Series C on a$1.2 billion appraisal.
The business didn’t mess around, with top flight companies Andreessen Horowitz and General Driver leading the investment, with participation from existing financiers CEAS Investments and Matrix Partners. Today’s money brings the overall raised so far to $163 million, according to the company.
Martin Casado from a16z explained the business succinctly in a post he wrote after its$44 million Series B in September 2019, in which his firm likewise got involved. “Fivetran is a SaaS service that connects to the crucial data sources in a company, processes and pulls all the information, and then discards it into a storage facility (e.g., Snowflake, BigQuery or RedShift) for SQL gain access to and additional changes, if needed. If data is the new oil, then Fivetran is the pipes that get it from the source to the
refinery,”he wrote. Composing in a post today revealing the brand-new financing, CEO George Fraser added that in spite of current conditions, the business has actually continued to add clients. “Regardless of recent economic uncertainty, Fivetran has continued to proliferate as customers see the opportunity to reduce their overall expense of ownership by embracing our product in place of extremely tailored, in-house ETL pipelines that require consistent upkeep,” he wrote.
In truth, the business reports 75% consumer development over the prior 12 months. It now has more than 1,100 clients, which is a respectable benchmark for a Series C business. Clients include Databricks, DocuSign, Permanently 21, Square, Udacity and Urban Outfitters, crossing a variety of verticals.
Fivetran hopes to continue to build brand-new data ports as it broadens the reach of its item and to push into brand-new markets, even in the middle of today’s financial climate. With $100 million in the bank, it needs to have sufficient runway to ride this out, while expanding where it makes sense.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.