Expanded Funding of $100 Million Propels Fivetran Towards Rapid Expansion as a Frontrunner in Data Integration Automation
Fivetran Raises $100 Million, Strengthening its Position as a Leader in Data Integration
Fivetran, a leading data integration platform, has announced a $100 million Series C funding round, led by Andreessen Horowitz (a16z) and General Catalyst. This investment brings Fivetran's total fundraising to $163 million and values the company at $1.2 billion.
The funding comes as Fivetran establishes itself as the de facto standard for data integration in the modern data stack. According to David George, CEO of Fivetran, the company's vision is to make data access as simple and reliable as electricity.
Data analysts often find themselves spending only half their time actually analyzing data, with 68 percent reporting profit-driving ideas but little time to implement them. Fivetran aims to address this issue by automating the integration and maintenance of every data pipeline, ensuring reliable, accurate access to data.
Fivetran's unique culture has been a significant factor in its success. The company's Bangalore development center, its largest, remains the hub of the Fivetran product's core development. This culture, as described in Glassdoor reviews, was a key attraction for investors during fundraising due diligence. In fact, Fivetran India's culture has resulted in near zero attrition over the last three years and is a strong factor in attracting top talent.
The company's growth is evident in its expanding customer base. 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, now use Fivetran.
Fivetran's revenue has grown by 129 percent, and the company is growing rapidly, with new customer growth increasing by more than 75 percent in the past 12 months. Trevor Oelschig, managing director at General Catalyst Growth, will join the Fivetran board.
In the past year, Fivetran has expanded around the world, opening new offices in Sydney, Australia, Germany (Munich), London, and Bengaluru, India. The company's ability to abstract away complexity, create an approachable service with a fast time-to-value, and keep data flowing in a transparent, self-serve, and cloud-native way has been emphasized by Oelschig.
Moreover, in the last 12 months, companies such as Snowflake, Databricks, and Adobe have announced or strengthened their collaboration with Fivetran to enhance their data integration capabilities. Fivetran earned the 2019 Gartner Peer Insights Customers' Choice distinction in the Data Integration Tool category.
Andreessen Horowitz general partner David George praised Fivetran for establishing itself as the clear leader in data integration and for its automation process providing reliable, real-time data. With this latest funding round, Fivetran plans to double the team size in its Bangalore development center over the next 12 months, further solidifying its position as a leader in the data integration industry.
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