Fivetran said Tuesday it raised a $100 million Series C round of financing led by Andreessen Horowitz and General Catalyst, giving the provider of automated data integration a valuation of $1.2 billion.
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The company automates connectors to sync data from cloud applications, databases and event logs into users’ data warehouses so the data is easy to access, thus giving analysts and data engineers more time for value-added work.
Existing investors CEAS Investments and Matrix Partners also participated in the capital raise, which now gives Oakland, California-based Fivetran $163 million in total fundraising since being formed in 2012, the company said in a written statement. Andreessen led Fivetran’s previous fundraise in 2019, a $44 million Series B round, which had been the company’s largest raise at the time.
As part of the investment, Trevor Oelschig, managing director at General Catalyst Growth, will join Fivetran’s board.
“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,” Oelschig said in a written statement. “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.”
Fivetran said it will use the new funding to accelerate global expansion, drive adoption in the enterprise market and continue building out its data connection technology.
The company boasts more than 1,100 companies and said new customer growth increased by more than 75 percent within the past 12 months. During the same period, revenue has grown by 129 percent as customers expanded their usage of Fivetran, the company said.
In addition to its headquarters in Oakland, the company is gaining an international presence. In May, Fivetran opened a new office in Sydney to increase its footprint in the Asia-Pacific region. In Europe, Fivetran added offices in Munich and London, and also expanded its India operations in the past year with a new office in Bengaluru.
Illustration: Li-Anne Dias