SaaS Venture

Flatfile Closes $50M Tiger-Led Series B

Denver-based Flatfile, a company that manages partner data exchange, has raised a $50 million Series B led by Tiger Global. This funding closed 18 months after its $35 million Series A led by Scale Venture Partners

Other investors in this round include Gradient Ventures, Scale Ventures and Workday Ventures.

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We spoke with co-founder and CEO David Boskovic about the fast-growing company that has raised close to $100 million in three years. 

Flatfile has “expanded across enterprises, Fortune 500s, and our objective is to be part of every data exchange in the world,” said Boskovic.

Wide range of customers

The one surprising fact about this ETL (extract, transform, load) solution is that the company does not typically sell to chief information officers, but more often to product and implementation teams who need to manage vendor or customer relationships. 

“The problem with data exchange at the edge of the business is that every customer is bringing something different,” said Boskovic on its customers like CBRE collecting real estate data from brokers or Sage with accountants uploading client data. Data that is not accurate creates problems over time that can take weeks or months to address with customers going back and forth. “Flatfile automates that manual labor, that process, and just makes it drag and drop,” he said. 

From a revenue perspective, the company went from zero to $1 million in ARR in its first year, then close to $4 million in its second year, and is now tracking to 2x to 3x growth in its third year of revenue.

The company’s 500 customers include enterprise SaaS company Square, BambooHR and HubSpot

Flatfile’s customer fees range from free for companies with five to 10 employees who are just getting started, to a few thousand dollars, then all the way up to $500,000. Their largest customers pay well into the millions. 

“We started off initially as a button that could be added to a software allowing users to import data quickly. That button has grown to be an entire platform,” said Boskovic.

Illustration: Dom Guzman

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