Total amount raised
$414.4 Millions
Latest funding date
Location
dbt Labs has successfully raised funds through multiple rounds, with the latest being a Series D that closed on February 24, 2022. The company is backed by 13 investors, including notable names like Salesforce Ventures and GIC.
Keep reading to explore the intricacies of dbt Labs' fundraising journey and the investors supporting this innovative data transformation platform.
What Is dbt Labs?
Founded in May 2016, dbt Labs is a data analytics software company based in Philadelphia, Pennsylvania. The company was established by Connor McArthur, Drew Banin, and Tristan Handy.
dbt Labs specializes in developing tools for transforming and managing data within cloud data warehouses. Their main products include dbt Cloud, dbt Core, and dbt Semantic Layer.
With a team of 251-500 employees, dbt Labs enables data analysts to create and disseminate organizational knowledge through data modeling, ensuring high-quality, trusted, and reliable data for business operations.
How Much Funding Has dbt Labs Raised?
- Series A
- Amount Raised: $12.9M
- Date: April 2020
- Lead Investors: Andreessen Horowitz
- Valuation at Round: $48 million
- Motivation Behind the Round: To fund the scale-up of the company and transition from a consulting business to a software company.
- Series B
- Amount Raised: $29.5M
- Date: November 2020
- Lead Investors: Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and further develop its data transformation tools.
- Series C
- Amount Raised: $150M
- Date: June 2021
- Lead Investors: Altimeter Capital, Andreessen Horowitz, Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's product offerings and scale its operations.
- Series D
- Amount Raised: $222M
- Date: February 2022
- Lead Investors: Altimeter Capital
- Valuation at Round: $4.2 billion
- Motivation Behind the Round: To hire 300 new employees by 2023 and build the next layer in the modern data stack, focusing on creating an open layer that defines a single source of truth for organizations.
Total amount raised: $414.4M. Current valuation: $4.2 billion.
Key Investors
- Salesforce Ventures
- Details: Salesforce Ventures is the investment arm of Salesforce, a global leader in customer relationship management (CRM) software. They focus on accelerating the growth of enterprise cloud companies.
- Investment Focus Areas: Enterprise software, cloud computing, AI technologies.
- Notable Investments: Zoom, Dropbox, Twilio.
- GIC
- Details: GIC is a sovereign wealth fund established by the Government of Singapore to manage its foreign reserves. It is one of the world's largest global investors.
- Investment Focus Areas: Technology, healthcare, real estate.
- Notable Investments: Alibaba, Airbnb, SpaceX.
- Andreessen Horowitz
- Details: Andreessen Horowitz, also known as a16z, is a private venture capital firm that invests in technology companies across various stages. They are known for their extensive network and support for portfolio companies.
- Investment Focus Areas: Technology, software, internet companies.
- Notable Investments: Facebook, Airbnb, Slack.
- Sequoia Capital
- Details: Sequoia Capital is a venture capital firm that partners with founders to build enduring companies. They have a long history of investing in early and growth-stage companies.
- Investment Focus Areas: Technology, healthcare, consumer sectors.
- Notable Investments: Apple, Google, WhatsApp.
- Altimeter Capital
- Details: Altimeter Capital is a technology-focused investment firm that invests in both public and private markets. They led the Series D funding round for dbt Labs.
- Investment Focus Areas: Technology, software, data analytics.
- Notable Investments: Snowflake, Unity Technologies, Roblox.
What's Next for dbt Labs?
dbt Labs stands at the cusp of significant growth, driven by the industry's shift towards cloud-based data platforms. With a $4.2 billion valuation and a robust community of 25,000 data professionals, the company is poised to build the next layer in the modern data stack. This opportunity is vast, as dbt Labs aims to create an open layer that defines a single source of truth for organizations, enhancing data transformation capabilities and integrations with platforms like Snowflake and Databricks.
Future fundraising opportunities appear promising, given the strong interest from major investors and the company's rapid revenue growth. However, dbt Labs will need to navigate challenges such as maintaining product reliability and scaling operations effectively. Competition from other data transformation tools and the fast pace of innovation in cloud data platforms will also test the company's resilience. As dbt Labs continues to expand, strategic acquisitions and further investment rounds are likely on the horizon.
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