Data integration startup Fivetran has raised a $100 million Series C, valuing the company at $1.2 billion. That valuation figure is a substantial jump from last September, when the startup secured $44 million at a $254 million valuation, according to PitchBook data. The company has now raised some $163 million in total VC backing.
The new financing was co-led by General Catalyst and Andreessen Horowitz, with current backers Matrix Partners and CEAS Investments also participating. Fivetran will use the capital in part to support its global expansion.
Based in Oakland, Calif., Fivetran is a developer of software that allows companies to sync data from cloud applications, files, event logs and other locations into centralized data warehouses.
Fivetran co-founder and CEO George Fraser wrote in a blog post that despite economic uncertainty, the startup “has continued to grow rapidly as customers see the opportunity to reduce their total cost of ownership by adopting our product” instead of high-maintenance in-house pipelines.
Source: Pitchbook
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