[Funding alert] California-based Fivetran raises $44 M in Series-B funding, plans to expand Bengaluru team
With this fresh fund raise, the startup will amplify its technology prowess, advance its automated services to more sources and destinations, scale operations, and start hiring across all its locations.
Fivetran, a technology startup based in Oakland, San Francisco, has raised $44 million in its Series-B round. The round was led by VC firm Andreessen Horowitz (a16z) and saw participation from its existing investors Matrix Partners and CEAS Investments.
Following the closure of the round, Martin Casado, General partner at Andreessen Horowitz has joined the company’s board of directors.
The automated data integration technology of Fivetran helps data analysts centralise the data from multiple of their repositories into a single cloud warehouse. Founded in 2012, Fivetran has expanded its operations into Europe, Middle East and Africa, after increasing personnel across every department over the last year.
It also reported a 3x increase in revenue and 2x growth in customers. With this fresh fund raise, the startup will amplify its technology prowess, advance its automated services to more sources and destinations, scale operations, and start hiring across all its locations - Oakland, Denver (US), Dublin (Ireland) and Bengaluru (India).
George Fraser, CEO and Co-founder of Fivetran said,
"Data-driven insights are essential for building successful organisations, but the rapid growth of cloud-derived data makes it hard to provide a centralised view of marketing, sales, finance or HR. We automate the data integration required to centralise data in cloud warehouses, eliminating the need to build complex data pipelines."
The technology at Fivetran works with other modern data infrastructure companies and manages services like Snowflake, Google Cloud, Looker, Tableau, Microsoft Azure and more. With more than 175 employees all across its offices, 40 percent of its workforce is based out of its Bengaluru development centre.
Over the last 12 months, the team claims to have doubled its customer base of traditional enterprises and modern organisations. It now serves more than 750 companies like DocuSign, Lime, Optimizely and Urban Outfitters, Inc. and others.
Martin Casado, General Partner at Andreessen Horowitz said,
"The number of notable organisations working with Fivetran is a testament to the vision of its founders, the quality of its technology, and the value it provides customers. As cloud-derived applications and the data they generate grow, the automation of data integration for better-centralised insights will offer long-lasting value to organizations of every size. We are excited to play a role in empowering even more organizations across the globe to harness their data in new ways."
(Edited by Rekha Balakrishnan)