Cribl, a trailblazer in the realm of enterprise data management, has recently concluded an impressive Series E funding round.
The company, which brands itself as the Data Engine for IT and Security, secured a substantial $319m in what was an oversubscribed round. This milestone not only bolsters Cribl’s financial foundations but elevates its valuation to an impressive $3.5bn, marking a significant 40% increase since the last funding phase in 2022.
Leading the charge in this investment endeavour was GV (Google Ventures), with GV General Partner and former GitLab CRO, Michael McBride, stepping up as a notable new member on Cribl’s Board of Directors. Other participants in this round included prestigious entities such as GIC, CapitalG, IVP, and CRV. This funding follows a remarkable achievement for Cribl, having recently surpassed $100m in annual recurring revenue (ARR) and reaching the coveted centaur status in record time by October 2023.
Cribl has distinguished itself by providing vendor-agnostic solutions that enable enterprises to effectively manage the exploding volume and variety of data. Its platform allows users to analyze, collect, process, and route IT and security data, thereby unlocking its true potential. Since its inception in 2018, Cribl has experienced rapid adoption globally, transforming how enterprises approach their data strategies.
The fresh influx of capital will be strategically utilised to accelerate product development, expand Cribl’s global footprint, and enhance its infrastructure to support continued rapid growth. Such advancements are vital as the company seeks to meet the escalating demands of modern IT and security landscapes, which are being reshaped by exponential data growth and the integration of AI technologies.
Cribl’s journey has been marked by substantial ARR growth, increasing customer acquisitions, including a quarter of Fortune 500 companies, and an expanding product portfolio that has seen significant uptake over the past year.
Cribl CEO Clint Sharp celebrated this funding achievement by stating, “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.
“What worked over the last ten years simply cannot keep up with the needs of businesses today, let alone over the next ten years. 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.”
This Series E round brings Cribl’s total capital raised to over $600m, confirming its steadfast trajectory in the data management sector.
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