Fivetran Raises $100 Million to Accelerate Growth as Automated Data Integration Leader
Company valued at more than $1 Billion as record customer growth continues
Fivetran, the leading provider of automated data integration, announced it has raised $100 million in Series C financing, led by Andreessen Horowitz (a16z) and General Catalyst, with participation from existing investors CEAS Investments and Matrix Partners. Fivetran 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. Total fundraising now stands at $163 million with a current valuation of $1.2 billion.
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Fivetran solves a key problem faced by companies today: centralizing data for analysis without wasting engineering resources on building and maintaining individual connectors. In a recent survey by Dimensional Research, data analysts reported spending only half their time actually analyzing 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.
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“Fivetran completely changed our data extraction workflow. We save a tremendous amount of time by eliminating the need to build and maintain data pipelines internally,” said Evin Anderson, data engineering manager for Autodesk. “Fivetran is helping us scale as we acquire new businesses and grow rapidly. We can now focus on data analysis and science by building out dashboards and a machine-learning infrastructure.”
Fivetran is growing rapidly, landing new customers quarter over quarter, as well as expanding the use of Fivetran across current customers. From February 2019 – February 2020, customers expanded their usage of Fivetran by 150 percent, with rows of data managed growing from 500 billion to nearly 1.3 trillion during the time period. Within the past 12 months, 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. During the same period, revenue has grown by 129 percent. Based on strong customer reviews, Fivetran earned the 2019 Gartner Peer Insights Customers’ Choice distinction in the Data Integration Tool category.
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