- Fivetran, a leading provider of automated data integration, announced that it raised $100 million in Series C funding. Now the company has a valuation of $1.2 billion.
Fivetran — a leading provider of automated data integration — announced that it has raised $100 million in Series C funding led by Andreessen Horowitz (a16z) and General Catalyst with participation from existing investors CEAS Investments and Matrix Partners.
With this round of funding, Fivetran will drive adoption in the enterprise market, accelerate global expansion, and continue building out the depth of its data connectors. Including this round of funding, the company has raised $163 million with a current valuation of $1.2 billion.
What does Fivetran do? Fivetran solves a key problem faced by companies today: centralizing data for analysis without wasting engineering resources on building and maintaining individual connectors.
And in a recent survey by Dimensional Research, data analysts reported spending only half their time actually analyzing data, and 68% have profit-driving ideas but little time to implement them. Over 60% of respondents reported wasting time waiting for engineering resources several times each month and often spending one-third of every workday just trying to access data. Fivetran essentially gives analysts and data engineers more time for value-added work by automating the integration and maintenance of every data pipeline to ensure reliable and accurate access to data.
Fivetran is landing new customers quarter over quarter as well as expanding the use of Fivetran across current customers. And between February 2019 and February 2020, customers expanded their usage of Fivetran by 150% with rows of data managed growing from 500 billion to nearly 1.3 trillion during the time period.
Over the past year, new customer growth has increased by over 75%. The total customer base now stands at over 1,100 companies, including global brands such as BJ’s Restaurants, ClassPass, Conagra Brands, Databricks, DocuSign, Forever 21, Lime, Square, Udacity and Urban Outfitters. During the same period, revenue grew by 129%.
Fivetran has also continued to expand around the world and recently opened a new office in Sydney, Australia to continue growing its footprint in the Asia-Pacific region. Plus Fivetran also opened new offices in Germany (Munich) and London, and expanded its India operations with a new office in Bengaluru in the past year.
Key Quotes:
“From the start, our vision has been to make access to data as simple and reliable as electricity. Besides conducting back-channel calls with customers as part of their fundraising due diligence, every investor cited our Glassdoor reviews and the unique culture we’ve created at Fivetran. That culture has enabled us to execute consistently since the beginning and is critical as we continue to pull away from the pack in our pursuit to connect every data source and make them all work perfectly.”
– George Fraser, CEO of Fivetran
“Fivetran completely changed our data extraction workflow. We save a tremendous amount of time by eliminating the need to build and maintain data pipelines internally. Fivetran is helping us scale as we acquire new businesses and grow rapidly. We can now focus on data analysis and science by building out dashboards and a machine-learning infrastructure.”
– Evin Anderson, data engineering manager for Autodesk
“Fivetran quickly established itself as the clear leader in this incredibly important space and has become the de facto standard for data integration in the modern data stack. They’ve also continued to perfect their automation process, providing customers with reliable, real-time data. All this, during a period of uncertainty, speaks volumes about just how tremendous this company is and how well the product works.”
– Andreessen Horowitz general partner David George, who leads the firm’s growth fund
“When you find a company abstracting away complexity to create a service that’s approachable with a fast time-to-value, you know they’re on to something. That’s exactly what we see with Fivetran,” said Oelschig. “Every company needs to be data-informed to compete. Fivetran keeps that data flowing in a transparent, self-serve, and cloud-native way. What we heard over and over again from their customers: Fivetran just works.”
– Trevor Oelschig, managing director at General Catalyst Growth, will join the Fivetran board
