Monte Carlo Joins Unicorn Ranks With $135M Funding Led By IVP

San Francisco-based Monte Carlo, a company that tracks data reliability, raised a $135 million Series D led by  IVP. The company is now valued at $1.6 billion, making it the latest addition to The Crunchbase Unicorn Board.

Prior investors Accel, GGV Capital, Redpoint,  Iconiq Growth and new investor GIC Singapore participated in the round.  

We spoke with Monte Carlo CTO and co-founder Lior Gavish about how the product works, its rapid funding pace, and growth through the pandemic. Gavish founded the company with CEO Barr Moses.

Monte Carlo took its product approach from DevOps and site reliability platforms applied to the world of data engineering and data products Gavish said. 

“Our audience is data teams, data engineers, data scientists and analysts,” he said.

“We don’t require anyone to change their stack,” he said, whether it is a data warehouse, data lake, the orchestration layer or business intelligence tools. “We provide a layer of observability.” 

The service pulls information from metadata log metrics to help teams understand their data health, and if something breaks the product will send proactive notifications. The product is an off-the-shelf SaaS offering that customers can integrate and customize over time.

Who Monte Carlo works with

Monte Carlo works with many of the most popular data analytic or data warehousing companies that include Snowflake, Google‘s BigQuery, Databricks, RedShift, Apache Airflow, DBT, Tableau and Looker among many others. Its pricing model includes an integration and platform fee, as well as a cost per user. 

Monte Carlo counts 150 customers, which include big tech companies like Affirm and Intuit, but also JetBlue, PepsiCo, CNN,  The New York Times, Asics, Rivian and others from many sectors. According to its funding announcement, the company has doubled its revenue every quarter since its Series C funding in August. 

Rapid funding pace

The company’s funding pace has been rapid during the pandemic. In less than a year, between September 2020 and August 2021, Monte Carlo announced its Series A through C funding; with a $16 million A led by Accel, $25 million B led by GGV Capital and Redpoint, and $60 million C led by Iconiq Growth.  

In the 20 months since it raised its Series A, the company has scaled from 20 people to 120 people, operating as a remote-first company from the get-go with team members hailing from Canada down to Uruguay, and also in Europe, the U.K. and in Israel.

Illustration: Li-Anne Dias

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