Fivetran Catches the Cloud Swell—Raises $15 Million Series A to Centralize Data for Every Bus. & Enable Cloud-First Snowfla...
December 04 2018 - 10:02AM
Business Wire
With a growing customer base of nearly 500
businesses, including Square, WeWork, and Vice Media, Fivetran
triples revenue in the last year
Fivetran, the company that is redefining data pipelines, today
announced that it has raised $15 million in Series A funding to
centralize data for every business as companies execute the move to
the cloud. The round was led by Matrix Partners, with general
partner Ilya Sukhar joining the company’s board of directors.
Primarily revenue-funded since identifying strong product/market
fit, Fivetran closed its first venture round after experiencing a
3x increase in revenue and 2x increase in customers over the last
12 months. Current customers include Square, WeWork, Classpass,
Vice Media, Lime Scooters, Automattic, Lightspeed, and Kiva.
Fivetran has gained significant market traction by replacing
antiquated ETL models in data warehousing with automated data
connectors. Its technology is part of a larger trend towards
self-driving data systems that were built for the cloud including
data warehouse Snowflake, with its recent 3.5B valuation, and
business intelligence platform Looker, which is now ranked 34 on
the Forbes Cloud 100 list.
As an ecosystem of cloud-based products that work seamlessly
with one another emerges, Fivetran is well positioned to tackle the
first stage required for modern data warehousing. Its technology
replicates siloed data sources into a central data warehouse,
enabling companies to take advantage of powerful analytics and
business intelligence tools. The company integrates effortlessly
with 100+ data services including not only Snowflake and Looker,
but also Google BigQuery, Microsoft Azure, Amazon Redshift,
Tableau, Periscope Data, Salesforce, NetSuite PostgreSQL and
more.
These companies are part of a shift to modern, managed services
that has emerged to address issues caused by outdated technology.
Seventy-to-eighty percent of business intelligence projects fail
because technology can’t keep pace with massive increases in data,
as 90 percent of data in the world was generated over the past two
years alone. Managed data warehousing and related services offload
this burden and make it easy and affordable to use new tools that
guarantee successful analytics projects.
“Today’s businesses use hundreds of specialized cloud-based
tools, and the old approach of highly configurable, human-powered
data pipelines has become untenable,” said George Fraser,
co-founder and CEO of Fivetran. “Our automated approach solves the
most painstaking step of building a data-driven company:
centralizing all your data. We’ve replaced a year-long, IT-driven
process with a setup wizard that can be completed in minutes by a
business user.”
Founded in 2012 out of Y Combinator, Fivetran has emerged as a
leader that shows no signs of slowing down as the cloud market
continues to grow. Gartner projects that the public cloud services
market will hit $206.2 billion by 2019, and IDC anticipates that
cloud-based solutions will account for 60-70 percent of all
software, services, and technology spending by 2020. The company’s
Series A funding will help it build upon the demand for its
cloud-based data replication services to scale operations and grow
the number of available enterprise features and data sources.
“We’ve gone from companies talking about the move to the cloud
to preparing to execute their plans, and the most sophisticated are
making Fivetran, along with cloud data warehouses and modern
analysis tools, the backbone of their analytical infrastructure,”
said Ilya Sukhar, general partner at Matrix Partners and new
Fivetran board member. “Fivetran has developed and refined the
technology to help accelerate this change. We are excited to work
with the team to help the company aggressively scale moving
forward.”
What Customers and Partners are Saying about Fivetran
- “Snowflake and Fivetran have the same
mission: to enable every organization to be data-driven. We have
been partners for over three years, and we’ve always known Fivetran
as an entrepreneurial company that also embodies our values-driven
culture. I am excited to see this round of capital fuel the next
phase of growth for such a significant partner to our ecosystem.”
said Bob Muglia, CEO at Snowflake.
- “Looker and Fivetran started working
together in 2015. We shared a common purpose: to help companies
finally unlock the value that is in their data. Fivetran is an
important partner to Looker and we congratulate them on this round
of funding,” said Frank Bien, CEO at Looker.
- “Fivetran has been a great partner in
helping us build the foundation of our analytics data warehouse.
Through the use of Fivetran connectors and automations, we have
been able to save engineering calories and implement a dynamic
business intelligence ecosystem here at ClassPass,” said Wilson
Chu, Senior Manager of BI at Classpass and Fivetran
customer.
- “With our data centralization and
maintenance needs taken care of by Fivetran, business intelligence
projects are significantly accelerated. It helps our team create a
culture of agile analytics and data-backed decision making,” said
Patrick Przybilla, Head of Engineering, Information Systems at
Vice Media and Fivetran customer.
- “Its ease of use, comprehensiveness,
and data integrity are some of Fivetran’s top selling points,” said
Loai Taha, Digital Analytics Manager at Jumeirah Hotels &
Resorts and Fivetran customer.
To learn more, please visit fivetran.com.
About Fivetran:
Fivetran is part of an analytics data stack and the growing
ecosystem of cloud-based infrastructure companies. Developed for
modern companies using cloud-based software and storage, Fivetran
helps organizations escape traditional ETL tools that badly
underperform. By contrast, Fivetran streamlines and accelerates
business intelligence projects with automated connectors that come
with ready-to-query schemas; it effortlessly replicates siloed data
into modern, high-performance warehouses. Fivetran is based in
Oakland, CA with offices in Denver, Colorado, Dublin, Ireland and
Bengaluru, India. The company is backed by Matrix Partners, Y
Combinator, Otter Consulting, and Tim Draper.
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Megan MaxwellGMK Communications for
Fivetran650-810-6658megan@gmkcommunications.com