Fishtown Analytics Raises $29.5 Million to Build the Future of Analytics Engineering With Its Open Source Product, dbt
Fishtown Analytics announced that it 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’ board.
“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 unheard of.”
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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.
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The 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.” Fishtown Analytics is hosting the first analytics engineering conference, Coalesce, December 7-11.
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