New Delhi, Jun 30 (PTI) US-based tech firm Fivetran on Tuesday said it has raised USD 100 million in funding, led by Andreessen Horowitz (a16z) and General Catalyst.
The series C round also saw participation from existing investors, CEAS Investments and Matrix Partners.
The total funding raised till date stands at USD 163 million with a current valuation of USD 1.2 billion.
Fivetran will use the funding to accelerate global expansion, drive adoption in the enterprise market, and continue building out the depth and breadth of its data connectors, Fivetran CEO George Fraser said.
He added that the global headcount is expected to grow to about 500 from about 350 currently.
Talking about Indian operations, Fraser said the company started its India centre in Bengaluru a few years ago, and currently has about 60 people.
Companies across sectors are looking data-driven insights to expand their business, but rapid growth of cloud-derived data often makes it hard to provide a centralised view of information in marketing, sales, finance or HR teams, he noted.
Within the past 12 months, new customer growth has increased by more than 75 per cent, and the total customer base now stands at over 1,100 companies, including global brands such as BJ's Restaurants, ClassPass, Conagra Brands, Databricks, DocuSign, Forever 21, Lime, Square, Udacity and Urban Outfitters.
During the same period, revenue has grown by 129 per cent. The company's annual recurring revenue was at USD 30 million in May this year and the company expects this to double in the next one year.
Fivetran has also continued to expand around the world, recently opening a new office in Sydney to continue growing its footprint in the Asia-Pacific region.
It opened new offices in Germany (Munich) and London, and expanded its India operations with a new office in Bengaluru in the past year as well.
"Bangalore continues to be the largest development center for the company. We are working on the core development of the Fivetran product, and are planning to double our team over the next 12 months," Vikram Labhe, Vice President and Managing Director of Fivetran India, said.
The company has over 60 employees in India, and its largest development office is in Bengaluru. The centre was set up in 2017.
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