IT and security data company Cribl has closed a USD319 million oversubscribed Series E round.
New investor Google Ventures (GV) led the round. GV general partner and former GitLab CRO Michael McBride, now on Cribl’s board of directors, led the investment. GIC, CapitalG, IVP, and CRV also participated in the round.
The combined primary and secondary transactions brings the company’s total capital secured to over USD600 million, and increases the company’s valuation to USD3.5 billion, up 40% since the company’s Series D round in 2022. The funding follows Cribl becoming the fourth-fastest infrastructure company to reach centaur status in October 2023.
“We started Cribl to solve these real problems for real users,” said CEO Clint Sharp. “Today’s funding proves the value in that approach. It’s an incredible milestone, but only a step in our journey to create a generational company that will continue to evolve to meet our customers’ needs.”
“As practitioners who worked in this space for years, my co-founders and I know firsthand the challenges facing IT and security as data grows exponentially,” he said. “What worked over the last ten years simply cannot keep up with the needs of businesses today, let alone over the next ten years,”
Since its inception in 2018, Cribl has seen fast growth as enterprises worldwide rapidly adopt the data engine for IT and security to transform their data strategies. Cribl’s telemetry data management solutions drive significant value for enterprises, evidenced by:
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Annual recurring revenue growth: The company’s annual recurring revenue has grown at a 163% compounded annual growth rate for the last four years;
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Customer growth: The customer base has grown by triple digits year-on-year for five straight years, including a quarter of the Fortune 500 companies that are now Cribl customers;
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Net dollar retention: Customers continue to grow and expand with Cribl as the company boasts a net dollar retention of over 130% over the past 12 months;
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Multi-product adoption: Customers purchasing multiple products across the portfolio increased by over 300% over the past 12 months.
GV’s support of Cribl is significant and is one of the largest investments in GV’s 15-year history. The funding will facilitate Cribl’s continued growth by accelerating product development, extending its global presence, and strengthening infrastructure to support its rapid expansion.
“Every company must modernise its data stack as legacy systems already cannot handle today’s rapid data growth, and the arrival of AI further accelerates the need for a modern data platform,” said GV’s Michael McBride. “Cribl’s rapid growth has come from the consistent and powerful results experienced by its customers. It’s an honour to partner with Cribl’s deeply technical and seasoned team as they define the data platform category, similar to the way Salesforce did for sales and marketing and GitLab did for DevSecOps”
