Airbyte Closes $150 Million Series B Funding Round Led By Altimeter Capital And Coatue Management
Founded mid-2020 company redefines the new standard of moving and consolidating data from different sources
Airbyte, creators of the fastest-growing open source data integration platform, announced that it has raised more than $150 million in Series B funding led by Altimeter Capital and Coatue Management, also including Thrive Capital, Salesforce Ventures, Benchmark, Accel, and SV Angel.
The round follows dramatic growth since the series-A round in May 2021 led by Benchmark. It brings the total funding to $181.2 million with a valuation of $1.5 billion for Airbyte, since its inception in mid 2020.
“We are excited to partner with Airbyte on their Series B,” said Caryn Marooney, general partner at Coatue. “We have spent a lot of time over the years focusing on the various data stack players and were very impressed by the quality of Airbyte’s team and developer traction.”
With its growing community of 4,500 data practitioners and 200 contributors, Airbyte is redefining the new standard of moving and consolidating data from different sources to data warehouses, data lakes, or databases in a process referred to as extract, load, and, when desired, transform (ELT). In the last year, more than 9,000 companies have synced data using Airbyte from sources such as PostgreSQL, MySQL, Facebook Ads, Salesforce, Stripe, and connect to destinations that include Redshift, Snowflake, Databricks and BigQuery.
Airbyte’s open-source data integration solves two problems: First, companies always have to build and maintain data connectors on their own because most less popular “long tail” data connectors are not supported by closed-source ELT technologies. Second, data teams often have to do custom work around pre-built connectors to make them work within their unique data infrastructure.
Within 17 months, Airbyte caught up with the ETL incumbents with 150 connectors, most of which are maintained actively or built by the community. These connectors run in Docker containers, and can be built in any programming language and can be deployed in minutes on any platform.
“Airbyte has already made a huge impact in a very short period of time and has more than 1,000 companies lined up to take advantage of its Airbyte Cloud data service that is starting to roll out,” said Jamin Ball, partner at Altimeter Capital. “There is tremendous market momentum on top of Airbyte’s disruptive model to involve its users in building the ecosystem around its data integration platform.”
Last quarter, Airbyte announced its community-based participative model where the company plans to share revenues with contributors of high-quality connectors. Airbyte expects 500 high-quality connectors by the end of 2022.
“With the rise of the modern data warehouses, our mission is to power all the organizations’ data movement and doesn’t end at ELT,” said co-founder and CEO, Michel Tricot. “By the end of 2022, we will cover more types of data movement, including reverse-ETL and streaming ingestion.”
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