Data transformation company Coalesce.io has closed $50 million in Series B funding to drive growth. Industry Ventures and Emergence Capital led the funding round with participation from 11.2 Capital, Bob Muglia, DNX Ventures, GreatPoint Ventures, Hyperlink Ventures, Next Legacy Partners, Snowflake Ventures, and Telstra Ventures. Including this round, the company brought the company’s total funding to $81 million.
Since publicly launching in 2022, Coalesce has disrupted data transformation within the ELT (Extract, Load, Transform) workflow on the Snowflake Data Cloud. By focusing on the crucial data transformation phase — cleansing, modeling, and documenting raw data for use — Coalesce ensures that quality data is prepared for business intelligence and advanced analytics use cases. The unique approach to data transformation helps data teams accelerate data pipeline development and improve data collaboration.
For the fiscal year ending in January 2024, Coalesce saw over 4x growth in annual recurring revenue (ARR) year over year and received several industry accolades. This growth highlights the strong market demand and confidence in Coalesce’s data transformation solutions, proven by usage from major enterprises like Caesars Entertainment Group, CKE Restaurants, Denny’s, Houlihan Lokey, and TotalEnergies.
Going forward, Coalesce will concentrate on three areas:
1.) Enhancing customer satisfaction for improved software scalability and performance.
2.) Introducing AI-driven features and new capabilities designed for broader audiences.
3.) Boosting market awareness ensures that every Snowflake customer seeking efficiency and scale knows about Coalesce.
KEY QUOTES:
“We’ve had a front-row seat to Coalesce’s success, seeing them consistently outperform targets. Their customers regularly cite them as the most vital part of their data stack, and their mature partner ecosystem is impressive for their stage. Encouraged by this, we confidently led their Series B investment.”
– Fanni Fan, Principal at Industry Ventures
“The industry is moving from labor-intensive data engineering to automated, enterprise-grade solutions. Coalesce leads this shift, offering comprehensive extensibility for complex ETL/ELT scenarios and an easy-to-use interface for a wider, less technical audience.”
– Saad Siddiqui, General Partner at Telstra Ventures
“During a challenging VC market period, we’ve successfully raised capital by demonstrating explosive growth and an innovative product that significantly enhances the efficiency of data teams. This achievement is a testament to our incredible team and valued customers, who are the pillars of our rising leadership in the industry.”
– Armon Petrossian, CEO and Co-founder of Coalesce
“Snowflake Ventures invests in our ecosystem partners to accelerate innovation. Coalesce is designed to complement the performance and scalability of Snowflake and is well-positioned to harness the power of the Data Cloud. We see our customers embracing their intuitive interface to develop data pipelines efficiently, unlocking the true potential of their data without the usual engineering headaches.”
– Harsha Kapre, Director, Snowflake Ventures
