Cribl announced it had closed a $319 million oversubscribed Series E round comprising a combined primary and secondary transaction. This brings the company’s total capital secured to over $600 million and increases its valuation to $3.5 billion—up 40% since its Series D round in 2022.
This funding round was led by new investor GV (Google Ventures), which also made one of the firm’s largest-ever investments. GV General Partner and former GitLab CRO Michael McBride, who also joined Cribl’s Board of Directors, also participated in the round. GIC, CapitalG, IVP, and CRV also participated.
The funding follows Cribl’s surpassing $100 million in annual recurring revenue (ARR) in under four years, becoming the fourth-fastest infrastructure company to reach centaur status in October 2023.
Cribl’s vendor-agnostic solutions enable customers to analyze, collect, process, and route all IT and security data to unlock its value. Since its founding in 2018, Cribl has seen unprecedented growth as enterprises worldwide rapidly adopt the Data Engine for IT and Security to transform their data strategies.
The company’s customer base has grown by triple digits YoY for five straight years, including a quarter of the Fortune 500 companies that are now Cribl customers. And customers continue to grow and expand with Cribl as the company boasts a net dollar retention (NDR) of over 130% over the past 12 months. Plus, customers purchasing multiple products across the portfolio increased by over 300% over the past year.
This funding will facilitate Cribl’s continued growth by accelerating product development, extending its global presence, and strengthening infrastructure to support its rapid expansion.
With 700+ employees worldwide, Cribl is actively broadening its business footprint, with a presence in the US, Europe, and Australia.
KEY QUOTES:
“As practitioners who worked in this space for years, my co-founders and I know firsthand the challenges facing IT and Security as data grows exponentially. What worked over the last ten years simply cannot keep up with the needs of businesses today, let alone over the next ten years. We started Cribl to solve these real problems for real users. Today’s funding proves the value in that approach. It’s an incredible milestone, but only a step in our journey to create a generational company that will continue to evolve to meet our customers’ needs.”
- Clint Sharp, co-founder and CEO of Cribl
“At Sophos, we’ve found Cribl to be invaluable when it comes to addressing some of our most complex data processing challenges. Cribl not only understands the unique needs of cybersecurity professionals but also empowers them with great flexibility and control over their data. Cribl also enables us to tailor data formats for different destinations, giving us much greater control over storage options and retention periods. This flexibility complements our own products and other tooling, allowing us to efficiently manage an ever-increasing volume of data from disparate sources. More than just a vendor, Cribl has become a key collaborator in our mission to protect Sophos.”
- Stephen O’Leary, Principal Information Security Engineer at Sophos
“Every company must modernize its data stack as legacy systems already can’t handle today’s rapid data growth, and the arrival of AI further accelerates the need for a modern data platform. Cribl’s rapid growth has come from the consistent and powerful results experienced by its customers. It’s an honor to partner with Cribl’s deeply technical and seasoned team as they define the data platform category, similar to the way Salesforce did for sales and marketing and GitLab did for DevSecOps.”
- GV General Partner Michael McBride
