[Funding alert] SaaS startup Hevo raises $30M in Series B round led by Sequoia Capital India
Hevo Data, the San Francisco and Bengaluru-based SaaS startup focused on data management, has raised $30 million in a Series B round of funding led by Sequoia Capital India.
The other investors who participated in this round include Qualgro, Lachy Groom, Chiratae Ventures, and angel investors.
Hevo plans to use this funding round towards sales and marketing initiatives, product development, and the hiring of teams in the US and Europe.
On the funding received, Manish Jethani, Co-founder and CEO, Hevo Data said, “We are very well-capitalised but given the large market opportunity and the high growth momentum — growing 500 percent in the past year, we received strong interest from the market and thus, decided to partner with Sequoia Capital India for our Series B.”
Founded in 2017 by Manish and Sourabh Agarwal, Hevo's no-code platform operated on a self-serve technology that can take data from disparate sources and provide a unified view.
The startup says it operates in the data integration market which is estimated to reach $17.1 billion by 2026.
According to this Hevo, companies traditionally needed large engineering teams to solve the challenge of data being in silos and claimed that its no-code approach is an easy-to-use solution, eliminating technical complexities with even a non-technical individual being able to use it.
Hevo has customers across 40-plus countries in the United States, Europe, and APAC regions. The startup claimed that it has grown its customer base by 5x and plans to add more features to its technology platform.
Tejeshwi Sharma, MD, Sequoia India said, “Hevo Data is building foundational infrastructure to enable bi-directional mobility of data. The more mobile data becomes within organisations, the more useful it shall be. We are impressed by the product DNA of the company.”
Hevo also plans to launch its second product early next year - "Reverse ETL". The new capability will help its customers to use their data beyond just the analytics use case, the startup said while adding that it will help companies leverage their data to make real-time decisions in day-to-day operations.