[Funding alert] Automated data integration provider Fivetran raises $100M at $1.2B valuation
Fivetran, a Bengaluru-based company in automated data integration with headquarters in Silicon Valley, has raised $100 million in Series C funding, led by Andreessen Horowitz (a16z) and General Catalyst, with participation from existing investors CEAS Investments and Matrix Partners.
Trevor Oelschig, Managing Director at General Catalyst Growth, will join the Fivetran board.
Fivetran said it will use the funding to accelerate global expansion, drive adoption in the enterprise market, and continue building out the depth and breadth of its data connectors. The firm has raised a total of $163 million so far.
Fivetran claims to solve a key problem faced by companies today - centralising data for analysis without wasting engineering resources on building and maintaining individual connectors.
As per a recent survey by Dimensional Research, data analysts reported spending only half their time actually analysing data, and 68 percent have profit-driving ideas, but little time to implement them. More than 60 percent of respondents reported wasting time waiting for engineering resources several times each month and often spending one-third of every workday just trying to access data.
Fivetran gives analysts and data engineers more time for value-added work by automating the integration and maintenance of every data pipeline to ensure reliable, accurate access to data, the company said.
Within the past 12 months, Fivetran’s new customer growth has increased by more than 75 percent. The total customer base now stands at over 1,100 companies, including global brands such as BJ’s Restaurants, ClassPass, Conagra Brands, Databricks, DocuSign, Forever 21, Lime, Square, Udacity, and Urban Outfitters.
Fivetran opened a new office in Sydney recently to continue growing its footprint in the Asia-Pacific region. It also opened new offices in Germany (Munich) and London, and expanded its India operations with a new office in Bengaluru in the past year as well.
“Bengaluru continues to be the largest development center for the company. We are working on the core development of the Fivetran product, and are planning to double our team over the next 12 months,” said Vikram Labhe, Vice President and Managing Director of Fivetran India.
Edited by Megha Reddy
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.