OAKLAND, Calif.--(BUSINESS WIRE)--Fivetran, whose automated data integration technology helps analysts centralize data into cloud warehouses, today announced $44 million in Series B financing. The round, led by Andreessen Horowitz (a16z), includes participation from existing investors Matrix Partners and CEAS Investments. Martin Casado, general partner at Andreessen Horowitz, will join the company’s board of directors.
"Fivetran technology solves the last remaining hurdle to widespread adoption of data analytics programs — data centralization," said Martin Casado, general partner at Andreessen Horowitz. "Instead of struggling to build and maintain a data connector for each individual data source, which is a resource-intensive engineering task, organizations can now automate the entire process in minutes — a feat many thought impossible.”
“Data-driven insights are essential for building successful organizations, but the rapid growth of cloud-derived data makes it hard to provide a centralized view of marketing, sales, finance or HR,” added George Fraser, co-founder and CEO of Fivetran. “We automate the data integration required to centralize data in cloud warehouses, eliminating the need to build complex data pipelines.”
Over the past year, the Fivetran team has doubled its customer base of traditional enterprises and modern organizations. It now serves more than 750 companies, including DocuSign, Lime, Optimizely and Urban Outfitters, Inc.
“We really like what Fivetran enables us to do,” said Marcus Laanen, Senior Manager of Business Intelligence for DocuSign. “It is incredibly easy, fast and reliable. This is the future of data pipelines and ETL, and Fivetran is at the forefront of it.”
Fivetran technology enables companies to focus their efforts downstream:
- On average, a company will spend roughly $500k over four years to centralize just 10 data sources, and most companies have 10s to 100s of data sources. With Fivetran, those resources can be focused on actually analyzing the data, rather than just getting it ready.
- Fivetran customers that have modernized and transformed their analytics programs are not just saving time and money on data integration — they’re unlocking new revenue streams and uncovering opportunities for innovation and product development.
- Fivetran has emerged as an essential starting point for data and analytics in the cloud. Its technology works seamlessly with other modern data infrastructure companies and managed services like Snowflake, Google Cloud, Looker, Tableau, Microsoft Azure and more.
- Its prebuilt data connectors automatically adjust to schema and API changes to protect the continuity of data projects.
- Additional tools such as Fivetran Transformations, Powered by Fivetran and cloud function support also help reduce the time to value of company analytics initiatives.
- Fivetran technology enables companies to take full advantage of their exponentially growing data, and empowers teams to focus on business intelligence, process enhancement, machine learning and more.
“The number of notable organizations working with Fivetran is a testament to the vision of its founders, the quality of its technology, and the value it provides customers,” said Martin Casado of Andreessen Horowitz. “As cloud-derived applications and the data they generate grow, the automation of data integration for better-centralized insights will offer long-lasting value to organizations of every size. We are excited to play a role in empowering even more organizations across the globe to harness their data in new ways.”
Over the past year, Fivetran achieved rapid growth, expanding operations into EMEA and increasing personnel across virtually every department. Fivetran closed its second venture round after reporting a 3x increase in revenue and 2x growth in customers over the last 12 months. It will use the funding to build on the demand for its technology, advance its automated services to more sources and destinations, and scale operations, with plans to hire across all locations: Oakland, Denver, Dublin (Ireland) and Bangalore (India).
For more information about Fivetran and its mission to help companies centralize their disparate data sources and improve business insights, or to learn about career opportunities, please visit www.fivetran.com/blog/andreessen-horowitz.
Fivetran is the smartest, fastest and most reliable way to continuously load data into your cloud warehouse. Prebuilt, zero-maintenance Fivetran connectors deploy in minutes and completely replicate your applications, databases, events and files — powering comprehensive business insights. Fivetran builds the best schemas and ERDs around, and we protect the continuity of your data projects with automatic schema migrations and micro-batch updates. Fivetran culture flows from a relentless determination to solve a critical data engineering problem — and then perfect the solution. Fivetran also recently launched Fivetran Transformations, a new tool that enables data teams to easily orchestrate in-warehouse SQL transformations with an automated and integrated tool. Learn more here.