Fivetran is now worth $1.2 billion thanks to new funding
Fivetran reaches coveted “unicorn” status after receiving Series C financing
Data storage start-up Fivetran has announced that it has received $100 million in Series C financing co-led by General Catalyst and Andreessen Horowitz.
In a recent blog post, the company said it plans to use this money to “accelerate global expansion and drive adoption in the enterprise market.”
The Oakland-based tech startup helps businesses streamline the moving of data storage into the cloud.
The added funding pushes the company into “unicorn” status, that is, a startup that reaches the $1 billion mark in value.
Fivetran was started in 2013 by George Fraser and Taylor Brown when they realized that businesses did not have any great options for transferring their data storage to the cloud. Their product boasts: "After a five-minute setup, Fivetran replicates all your applications, databases, events and files into a high-performance data warehouse.”
Despite unicorn status being hard to achieve, there are over 475 in existence today. The U.S. and China are the top two unicorn producing countries, but the US is gaining steam with nearly one new tech unicorn per month.
Companies can also reach "decacorn" or "hectocorn" status by reaching $10 billion and $100 billion valuations respectively.
