Fivetran Raises $100 Mn; Enters Unicorn Club Amid Pandemic
Grow Your Business, Not Your Inbox
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Fivetran, a provider of automated data integration, on Tuesday announced that it has raised $100 million in Series C funding led by Andreessen Horowitz and General Catalyst along with the existing investors. The fresh funding has helped the software company to enter into the coveted lists of Unicorn companies amidst the COVID-19 pandemic with a valuation of $1.2 billion. The company has raised a total funding of $163 million so far.
Fivetran is landing new customers quarter over quarter, as well as expanding the use of Fivetran across current customers. Between February 2019 and February 2020, customers expanded their usage of Fivetran by 150 per cent, with rows of data managed growing from 500 billion to nearly 1.3 trillion during the time period, the company said in a statement.
In the past 12 months, new customer growth has increased by more than 75 per cent. The total customer base now stands at over 1,100 companies, including global brands such as BJ’s Restaurants, ClassPass, Conagra Brands, Databricks and DocuSign, among others. During the same period, revenue grew by 129 per cent.
Fivetran has also continued to expand around the world, recently opening a new office in Sydney, Australia to continue growing its footprint in the Asia-Pacific region. Fivetran 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.
“From the start, our vision has been to make access to data as simple and reliable as electricity,” said George Fraser, chief executive officer of Fivetran. “Besides conducting back-channel calls with customers as part of their fundraising due diligence, every investor cited our Glassdoor reviews and the unique culture we've created at Fivetran. That culture has enabled us to execute consistently since the beginning and is critical as we continue to pull away from the pack in our pursuit to connect every data source and make them all work perfectly.”
Commenting on its Indian operation, Vikram Labhe, vice-president and managing director of Fivetran India, said, “Bangalore 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.”
“We have recently expanded into a new state-of-the-art facility in Bangalore. Our culture has helped us achieve near zero attrition over the last three years, and is one of the strong enablers of attracting top talent,” he further added.
With the new investment, Trevor Oelschig, managing director at General Catalyst, will join the Fivetran board. “When you find a company abstracting away complexity to create a service that’s approachable with a fast time-to-value, you know they’re on to something. That’s exactly what we see with Fivetran,” said Oelschig. “Every company needs to be data-informed to compete. Fivetran keeps that data flowing in a transparent, self-serve, and cloud-native way. What we heard over and over again from their customers: Fivetran just works.”