Andreessen Horowitz leads $44 mn Series B in data solutions startup Fivetran
California-headquartered cloud-based data solutions company Fivetran has raised $44 million in its Series B round led by American venture capital firm Andreessen Horowitz.
Private equity firm Matrix Partners and Florida-based investment firm CEAS Investments also participated in the funding round, said an official statement issued by Fivetran.
As part of the investment round, Martin Casado, general partner, Andreessen Horowitz, will join Fivetran’s board of directors, the statement added.
Fivetran will use the funds to expand its automated services and scale operations. It also has plans to hire talent across Bengaluru, California, Denver and Dublin.
The company operates an engineering centre in Bengaluru and plans to expand its team in India to 100 employees in 12 months, a spokesperson told TechCircle.
The startup is also looking to expand its operations by opening a sales office in Asia, the spokesperson added.
“Data-driven insights are essential for building successful organisations but the rapid growth of cloud-derived data makes it hard to provide a centralised view of marketing, sales, finance or HR. We automate the data integration required to centralise data in cloud warehouses, eliminating the need to build complex data pipelines,” said George Fraser, co-founder and chief executive officer, Fivetran.
Fivetran’s technology solutions allow users to undertake data analytics, provide services to manage cloud infrastructure and facilitate business processes by harnessing technologies such as machine learning.
Fivetran was founded in 2013 by Fraser, a former scientist at biotechnology company Emerald Cloud Lab and Taylor Brown, a former software designer at app developer North Social.
Fivetran has been backed by Y Combinator, the Silicon Valley-based startup accelerator which has helped launch prominent startups such as social media platform Reddit, cloud storage application developer Dropbox and home-rental platform Airbnb.
Over the past year, Fivetran claims to have doubled its customer base to over 750 companies, including document verification startup DocuSign and retail chain Urban Outfitters.
Andreessen Horowitz, also known as ‘a16z’, is a stage-agnostic venture capital firm which invests across sectors such as consumer goods, healthcare and fintech. The firm, founded in 2009, has dedicated funds for biotechnology and cryptocurrency and has invested in startups such as content platform Buzzfeed.
Matrix Partners recently participated in a funding round for fintech startup First Principle Labs. The private equity firm invests in a variety of sectors such as software, communications and data storage solutions.
CEAS Investments is a Florida-based investment firm operated by Otter Consulting. It has helped raise funding for startups such as online ticketing platform SeatGeek and robotics solutions platform Fetch Robotics.