Fishtown Analytics Bags $29.5M Round for Analytics Engineering
November 13, 2020
Analytics raised $29.5M in Series B financing. With this raise, the team
will continue building dbt, its open source analytics engineering tool,
and the community around it. The round was led by Sequoia Capital, with
participation from existing investors Andreessen Horowitz and Amplify
Partners. Sequoia partner, Matt Miller, will join Fishtown Analytics'
"Every company is becoming data-driven, but the actual process of
squeezing insights out of data is incredibly frustrating for most
companies—and antiquated data engineering processes are to blame," said
Miller. "The Fishtown Analytics team is capitalizing on a market opening
created by the cloud data warehouses and dared to imagine a new way to
transform data with the elegance of code, which they call analytics
engineering. We were taken aback by the strength of the community and
the effusive user evangelism—across more than a dozen user interviews,
the average net promoter score was greater than 10 out of 10, which is
Analytics engineering applies software development best practices to the
production and maintenance of analytics code. The analytics engineering
workflow cleans and transforms raw data into consumable information and
business logic. This new approach to data transformation, built for the
modern era of cloud warehousing, has found advocates among both startups
and the Fortune 500. Benjamin Singleton, Director of Data Science &
Analytics at JetBlue Airways, said, "The new workflow with dbt and
Snowflake isn't a small improvement. It's a complete redesign of our
entire approach to data that will establish a new strategic foundation
for analysts at JetBlue to build on."
Today there are 3,000 companies using dbt as a core part of their
analytics engineering workflow every week; 8,000 analytics engineering
professionals in the dbt Slack community; and 490 paying customers
orchestrating this workflow with dbt Cloud. This strong user adoption is
matched by support from the broader ecosystem. Fishtown Analytics is now
an Amazon Select Technology Partner and a Google Cloud Partner,
Snowflake has qualified dbt as a Validated Technology, and Fivetran and
Census data have recently released major integrations with dbt.
short timeframe between Fishtown Analytics' Series A and its Series B is
another signal that investors everywhere are bullish on the "modern data
stack." Snowflake's recent IPO, Databricks' rapid growth, and recent
multi-billion-dollar acquisitions from Google (Looker) and Salesforce
(Tableau) are all indicative of how big of a market opportunity exists
in the space. "Organizations large and small continue to face tremendous
challenges organizing data and making it available to decision-makers,"
said Fishtown Analytics CEO, Tristan Handy. "The modern data stack—with
dbt at its core—is resulting in more collaborative, productive, and
impactful data teams."
The Series B gives Fishtown Analytics further runway to continue making
aggressive investments in building the future of analytics engineering.
"Our mission is to empower analysts to create and disseminate
organizational knowledge," said Handy. "When I look at the moment in
time that we currently occupy, I see an opportunity to truly improve the
lives of data analysts everywhere. We're going to continue building
higher-leverage analytics engineering tooling, better career paths, and
a community of practice with deep social capital.