dbt Labs (previously Fishtown Analytics) announced that it raised $150M in Series C financing. With this raise, the team will speed the development of dbt, its open-source analytics engineering tool. The round was co-led by Altimeter, Sequoia Capital, and Andreessen Horowitz with participation from Amplify Partners. Sequoia Capital, Andreessen Horowitz, and Amplify Partners are all existing investors. No new board members are joining the team.
"I worked as a data analyst for decades and was always slowed down by terrible workflows," said dbt Labs' CEO, Tristan Handy. "The shift to powerful, cloud-based data platforms presented an opportunity to finally rethink those workflows. We believed that combining software engineering best practices with the preferred language of data analysts—SQL—would unlock collaboration and speed for data teams. We called this the analytics engineering workflow."
Today, there are 15,000 data professionals in the dbt Community Slack; 5,500 companies using dbt; and 1,000 dbt Cloud customers. dbt Cloud is the fastest and most reliable way to develop and deploy dbt projects. dbt Cloud provides a centralized development experience for anyone who writes dbt code to safely deploy, monitor, and investigate that code--all in one web-based UI.
dbt adoption has grown 200% every year since its launch in early 2016. In Q1 of 2021, dbt Labs doubled revenue in the enterprise segment. This consistent growth is being driven by companies of all sizes shifting to cloud-based data platforms like Snowflake, Google BigQuery, Databricks, and Amazon Redshift. "The growth in cloud data platforms over the last few years is unprecedented. These platforms free data teams from the old ETL approach, and unlock a new wave of tools in the modern data stack built for ELT," said Altimeter Capital Partner, Jamin Ball. "dbt has established itself as the go-to platform for data transformation in this new way of working."
dbt Labs is expanding relationships with every major cloud platform. dbt has been validated through the AWS Redshift Ready, Works with BigQuery, and Snowflake Ready programs. dbt Cloud is available on the AWS Marketplace and will be available on Snowflake Partner Connect later this year. dbt Labs is recognized as an Amazon Select Technology Partner, a Google Build Partner, and served as a launch partner for Databricks SQL and Databricks-on-GCP.
"We have always believed that solving for the analyst is the secret to unlocking greater productivity on data teams," said Handy. "We're seeing increasing investment in companies and products built on this same thesis. Databricks' Delta Lake and Databricks SQL are huge bets on SQL, Census and Hightouch have raised venture rounds to solve operational analytics use cases, and Mode's dbt integration is now making data freshness available to data consumers. We absolutely believe that this is just the beginning of this trend."
The Series C gives dbt Labs further runway to make aggressive investments in building analytics engineering tooling for the data analyst. "Our mission is to empower analysts to create and disseminate organizational knowledge," said Handy. "This investment will allow us to further ramp hiring on product and engineering in order to build the future we've believed in for half a decade."
dbt Labs will be hosting the second-annual analytics engineering conference, Coalesce, December 6-10, 2021.