San Francisco-based data management startup Cribl has closed a $319 million Series E funding round led by tech giant Alphabet’s venture arm GV. This latest capital injection values Cribl at $3.5 billion, reflecting strong growth for the company.
Founded in 2017, Cribl’s software helps organizations analyze, collect, process and route data from various IT and security systems to databases and other destinations. As the volume of enterprise data skyrockets, companies require sophisticated “data ops” solutions to gain insights. Cribl has benefitted from this trend, claiming Fortune 500 customers represent 25% of its business.
According to Cribl, annual recurring revenue recently surpassed $100 million – reflecting 163% compound annual growth rate over the past four years. The startup also claims its customer base has expanded at triple-digit pace year-over-year for five consecutive years. While not yet profitable, Cribl aims to achieve positive cash flow by 2025 with continued expansion.
GV’s significant investment in Cribl marks one of its largest deals to date. The venture firm sees potential in Cribl’s data management platform as businesses struggle to make sense of exponentially growing data stores. Michael McBride from GV will now join Cribl’s board alongside its approximately 700 employees worldwide.
This new injection of capital will fuel Cribl’s ongoing growth efforts, such as developing innovative data solutions and supporting an ever-larger customer base with diverse needs. With its recent valuation exceeding $3 billion, Cribl has clearly struck a chord in the promising data operations sector.