Total amount raised
$94.7 Millions
Latest funding date
9/1/2022
Location
Flatfile has successfully raised significant funding through multiple rounds, with the latest being a Series B. The platform specializes in AI-powered data migration solutions, offering tools for data collection, mapping, cleaning, and transformation.
Keep reading to explore the intricacies of Flatfile's fundraising journey and the investors backing this innovative platform.
What Is Flatfile?
Flatfile, founded in January 2018 by David Boskovic and Eric Crane, is based in Denver, Colorado. The company specializes in AI-powered data migration solutions, offering tools for data collection, mapping, cleaning, and transformation.
With a team of 51-100 employees, Flatfile provides an AI-assisted data exchange platform that helps companies and software development teams build data file import experiences. Their platform includes features like data cleaning, validation, and AI-powered column matching.
Flatfile's solutions are designed to streamline and secure data onboarding and migration processes, making it easier for businesses to manage data import tasks efficiently.
How Much Funding Has Flatfile Raised?
Pre-Seed Round
- Amount Raised: $2.1M
- Date: September 2019
- Lead Investors: Afore Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of their AI-powered data migration platform.
Seed Round
- Amount Raised: $7.6M
- Date: May 2020
- Lead Investors: Two Sigma Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
Series A
- Amount Raised: $35M
- Date: March 2021
- Lead Investors: Scale Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and accelerate product development.
Series B
- Amount Raised: $50M
- Date: September 2022
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand services to global enterprise companies and grow the engineering team.
Total amount raised: $94.7M. Current valuation: Not publicly disclosed.
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a leading global investment firm that focuses on private and public companies in the internet, software, consumer, and financial technology sectors.
- Investment Focus Areas: Technology, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify, Stripe.
- Gradient Ventures
- Details: Gradient Ventures is Google's AI-focused venture fund that invests in early-stage startups, providing them with resources and support to advance their AI capabilities.
- Investment Focus Areas: AI, machine learning, related technologies.
- Notable Investments: Algorithmia, Labelbox, Luminai.
- Scale Venture Partners
- Details: Scale Venture Partners is a venture capital firm that invests in early-in-revenue technology companies, focusing on SaaS and cloud infrastructure.
- Investment Focus Areas: SaaS, cloud computing, digital health.
- Notable Investments: Box, DocuSign, HubSpot, RingCentral.
- Workday Ventures
- Details: Workday Ventures is the strategic investment arm of Workday, focusing on companies that are innovating in enterprise software and cloud applications.
- Investment Focus Areas: Enterprise software, cloud applications.
- Notable Investments: Scout RFP, BetterUp, Pymetrics.
- Two Sigma Ventures
- Details: Two Sigma Ventures is the venture capital arm of Two Sigma, investing in early-stage companies that leverage data science and advanced engineering.
- Investment Focus Areas: Data-driven technology, AI, machine learning.
- Notable Investments: Zymergen, Socure, Rigetti Computing.
What's Next for Flatfile?
Flatfile's future looks promising as it aims to expand its offerings to global enterprise companies, a market with significant potential. The company plans to reduce the time required for data importing and activation, which can save enterprises thousands of hours. With over 500 companies already using its platform, Flatfile is well-positioned to capitalize on the growing demand for efficient and secure data exchange solutions.
As Flatfile continues to grow, future fundraising opportunities seem likely, especially given the successful Series B round. However, the company will need to navigate challenges such as competition from other data exchange platforms and ensuring compliance with global data protection regulations. Scaling the platform to handle increasing data volumes will also be crucial for sustaining its growth trajectory.
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