A giant downside for corporations as of late is discovering methods to hook up with varied knowledge sources to their knowledge repositories, and Fivetran is a startup with an answer to resolve that very downside. No shock then that even throughout a pandemic, the corporate introduced right now that it has raised $100 million Sequence C on a $1.2 billion valuation.
The corporate didn’t fiddle with high flight companies Andreessen Horowitz and Common Catalyst main the funding with participation from current traders CEAS Investments and Matrix Companions. Right this moment’s cash brings the entire raised to this point to $163 million, in accordance with the corporate.
Martin Cassado from a16z described the corporate succinctly in a blog post he wrote after its $44 million Series B in September 2019, which his agency additionally participated in. “Fivetran is a SaaS service that connects to the vital knowledge sources in a company, pulls and processes all the information, after which dumps it right into a warehouse (e.g., Snowflake, BigQuery or RedShift) for SQL entry and additional transformations, if wanted. If knowledge is the brand new oil, then Fivetran is the pipes that get it from the supply to the refinery,” he wrote.
Writing in a blog post today saying the brand new funding, CEO George Fraser added that despite present situations, the corporate has continued so as to add clients. “Regardless of current financial uncertainty, Fivetran has continued to develop quickly as clients see the chance to scale back their whole price of possession by adopting our product rather than extremely personalized, in-house ETL pipelines that require fixed upkeep,” he wrote.
In actual fact, the corporate stories 75% buyer development over the prior 12 months. It now has over 1100 clients, which is a reasonably good benchmark for a Sequence C firm. Clients embrace Databricks, DocuSign, Endlessly 21, Sq., Udacity and City Outfitters, crossing quite a lot of verticals.
Fivetran hopes to proceed to construct new knowledge connectors because it expands the attain of its product and to push into new markets, even within the midst of right now’s financial local weather. With $100 million within the financial institution, it ought to have sufficient runway to trip this out, whereas increasing the place it is smart.