Cribl (see Pulse 2.0 profile here) announced it surpassed $200 million in annual recurring revenue (ARR), growing ARR by over 70% year-over-year (YoY). This milestone follows the company’s achievement of $100 million in ARR in October 2023, when it became the fourth fastest infrastructure company to reach centaur status.
Cribl’s growth trajectory is supported by its $319 million oversubscribed Series E round in August of 2024, which brought its valuation to $3.5 billion as more enterprises, including a quarter of Fortune 500 companies, utilize Cribl’s suite of products to simplify telemetry data management and modernize their IT and security strategies.
As Cribl continues advancing its market leadership, the company has appointed industry veteran Mike Pyle as chief revenue officer (CRO) to continue its rapid growth trajectory.
Some of the recent company highlights include:
1.) ARR growth – Cribl has continued to close its largest quarters in company history, with more than 70% ARR growth YoY
2.) Customer growth – Cribl has increased its customer base by more than 50% YoY, which now includes 43 of the Fortune 100 and 130 of the Fortune 500
3.) Multi-product customers – Customers purchasing multiple products across the Cribl portfolio increased more than 200% over the past 12 months, and nearly 50 new customers are already using Cribl Lake, which was released in April 2024
4.) Net dollar retention – Customers continue to grow and expand with Cribl as the company boasts a net dollar retention (NDR) of over 130%
5.) Monthly active users – Cribl has increased its monthly active users by 123% over the past year.
As Cribl continues expanding operations globally, the company has also appointed Mike Pyle as CRO to drive revenue growth. With 25+ years of experience, Pyle joins the company from his previous position as Vice President of Worldwide Enterprise Sales at GitLab, the AI-based DevSecOps platform. Before that, he was CRO and Co-General Manager of Heroku, a Salesforce company and pioneer in cloud application development.
KEY QUOTES:
“Since Cribl was founded in 2018, we have experienced unprecedented growth driven by our products that are purpose-built for IT and Security, and I’m proud to say Cribl has grown more in the past 14 months than it did in the previous four years as a company. Just last year, we reached the incredible milestone of becoming one of the fastest companies ever to achieve centaur status. Reaching $200 million ARR one year later solidifies the transformative value that Cribl’s IT and security products are delivering to our customers. We’ll continue to bring innovation to market to simplify the lives of IT and security professionals with products that solve real, every day telemetry data challenges.”
- Clint Sharp, co-founder and CEO of Cribl
“Our customers–the IT and security professionals who keep the business running–continue to get massive value from our products, and reaching the $200 million ARR milestone so quickly is a direct result of the real, tangible impact we’re delivering. While continuing to be one of the fastest growing enterprise technology companies is exciting, our focus remains on solving our customers’ most complex data challenges. This customer-first approach drives our market growth and I look forward to continuing to partner with our customers to transform their data strategies amid today’s rapidly evolving data landscape.”
- Mike Pyle, CRO of Cribl