BEST DIGITAL NEWS START-UP, WAN-IFRA 2019 GOLD AWARD

Fivetran set for unicorn status with new venture backing

Fivetran set for unicorn status with new venture backing

2 -min read
Listen to this article
2 -min read
Listen to this article

[OAKLAND] Fivetran, a California-based startup that specialises in data integration, is in advanced talks to raise new funding from investors including General Catalyst and Andreessen Horowitz, according to people with knowledge of the matter.

The new round is slated to value Fivetran at over US$1 billion, said the people, who requested anonymity because the talks are private.

A term sheet has yet to be signed, and as with all deals that aren't finalised, components of the transaction could be adjusted, cautioned one of the people.

Representatives for Fivetran and Andreessen Horowitz declined to comment. General Catalyst wasn't immediately reachable for comment.

Fivetran helps businesses consolidate and integrate data from disparate sources of analytics into so-called cloud warehouses. Among its enterprise customers are Conagra Brands, ClassPass, Square Inc, Talkdesk and Monzo Bank.

The company was last valued at US$254 million when it raised US$44 million in a round led by Andreessen in September, according to Pitchbook data.

The company, led by co-founder and chief executive officer George Fraser, in April said enterprise software veteran and former Snowflake Inc chief executive officer Bob Muglia would join its board of directors as it was experiencing "explosive growth". At the time, it said its customer base had grown 75 per cent over the past year to more than 1,000 companies and almost 7,800 users.

Fivetran's early investors include Matrix Partners and CEAS Investments.

BLOOMBERG

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes