Fishtown Analytics Raises $12.9 Million to Accelerate Open Source Analytics Engineering Software dbt
Fishtown Analytics announced that it raised $12.9M in Series A financing to accelerate the product development of dbt, an open source analytics engineering tool. The round was led by Andreessen Horowitz; a16z general partner Martin Casado will join Fishtown Analytics’ board.
As cloud data warehouses have become more powerful, data infrastructure has shifted from ETL (extract, transform, load) to ELT. dbt was created in the early days of this shift as products like Snowflake and Google’s BigQuery were just taking off. Over the past four years, dbt has become the leading tool used by analysts and engineers to transform, test, and document data in-warehouse. “We call this workflow analytics engineering,” said Tristan Handy, Founder and CEO of Fishtown Analytics. “Technology shifts often require practitioners to adopt new methodologies, like the shift to agile software development within modern software engineering. Analytics engineering is that shift for the modern data practitioner. With dbt as part of a modern data stack, a talented analyst today can match the productivity of a 10-person data team of 10 years ago.”
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“We believe we’re experiencing one of the biggest shifts in the history of compute right now—the modern data stack is at least a $100B opportunity,” said Martin Casado, general partner at Andreessen Horowitz. “dbt has the opportunity to become the connective tissue that maps the data flows through this entire stack, and we’re incredibly excited to be a part of its story.”
“dbt is built to leverage the full capability of Snowflake’s powerful cloud data platform,” said Tarik Dwiek, Director of Technology Alliances at Snowflake. “With dbt, data teams can focus on building better data models, instead of spending time on data administration. We’re excited to see dbt adoption grow among Snowflake customers.”
“Over the last two years, dbt has emerged as the modern standard for managing the complex transformations that turn raw data into insight,” said George Fraser, CEO and Co-founder of Fivetran. “Fishtown Analytics has created something rare and precious: a true community of users built around an open source tool that people love because it elegantly solves a critical problem in the modern data stack.”
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Today, the dbt community includes 1,700 companies using dbt; 5,000 members of the dbt Slack community; and regular Meetups in New York, San Francisco, and London. dbt users include GitLab, Canva, Monzo, Fivetran, Los Angeles Times, and JetBlue.
This fundraise allows Fishtown Analytics to grow its engineering bench. “We expect to triple the size of our engineering team over the next year,” said Tristan. “We have three engineering priorities right now: getting ready for the 1.0 launch of dbt later this year, making the developer experience in dbt Cloud an absolute joy to use, and building enterprise-friendly functionality.”