Rapid customer adoption of vendor-agnostic data management drives oversubscribed Series E round led by GV (Google Ventures), including General Partner and former GitLab CRO Michael McBride who joins Cribl’s Board of Directors
SAN FRANCISCO, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Cribl, the Data Engine for IT and Security, today announced it has closed a $319 million oversubscribed Series E round, comprised of a combined primary and secondary transaction, bringing the company’s total capital secured to over $600 million and increasing its valuation to $3.5 billion, up 40% since the company’s Series D round in 2022.
The round was led by new investor GV (Google Ventures), marking one of the firm’s largest-ever investments. The investment was led by GV General Partner and former GitLab CRO Michael McBride, who joined Cribl’s Board of Directors. GIC, CapitalG, IVP, and CRV also participated in the round. This funding comes on the heels of Cribl surpassing $100 million in annual recurring revenue (ARR) in less than four years, becoming the fourth-fastest infrastructure company to reach centaur status in October 2023.
As enterprise data grows at a 28% CAGR, far outpacing IT budget growth, legacy vendors and point solutions make it challenging for customers to keep up with the volume, variety, and value of data. Cribl's vendor-agnostic solutions empower customers to analyze, collect, process, and route all IT and security data to unlock its value. Since its inception in 2018, Cribl has seen unparalleled growth as enterprises around the world 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:
- ARR Growth: The company’s ARR has grown at a 163% CAGR for the last four years;
- Customer Growth: The customer base has grown by triple digits YoY for five straight years, including a quarter of the Fortune 500 companies that are now Cribl customers;
- NDR: Customers continue to grow and expand with Cribl as the company boasts a net dollar retention (NDR) of over 130% over the past 12 months;
- Multi-product Adoption: Customers purchasing multiple products across the portfolio increased by over 300% over the past 12 months.
"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," said Clint Sharp, co-founder and CEO of Cribl. "We started Cribl to solve these real problems for real users. 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."
“At Sophos, we’ve found Cribl to be invaluable when it comes to addressing some of our most complex data processing challenges. Cribl not only understands the unique needs of cybersecurity professionals but also empowers them with great flexibility and control over their data. Cribl also enables us to tailor data formats for different destinations, giving us much greater control over storage options and retention periods,” said Stephen O’Leary, Principal Information Security Engineer at Sophos. “This flexibility complements our own products and other tooling, allowing us to efficiently manage an ever-increasing volume of data from disparate sources. More than just a vendor, Cribl has become a key collaborator in our mission to protect Sophos.”
GV’s support of Cribl is significant, marking one of the largest investments in the firm's 15-year history. The funding will facilitate Cribl’s continued growth by accelerating product development, extending global presence, and strengthening infrastructure to support its rapid expansion.
“Every company must modernize its data stack as legacy systems already can’t handle today’s rapid data growth, and the arrival of AI further accelerates the need for a modern data platform,” said GV General Partner Michael McBride. “Cribl’s rapid growth has come from the consistent and powerful results experienced by its customers. It’s an honor 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.”
With more than 700 employees worldwide, Cribl is actively broadening its business footprint, with a presence in the US, Europe, and Australia. The company’s market impact has been recognized by several prestigious industry accolades, including the Forbes Cloud 100 for two consecutive years, the Redpoint InfraRed 100, Notable Capital’s Rising in Cyber, and the Wing Enterprise Tech 30.
Read more about the news on Cribl co-founder and Clint Sharp’s blog.
About Cribl
Cribl, the Data Engine for IT and Security, empowers organizations to transform their data strategy. Customers use Cribl’s vendor-agnostic solutions to analyze, collect, process, and route all IT and security data from any source or to any destination, delivering the choice, control, and flexibility required to adapt to their ever-changing needs. Cribl’s product suite, which is used by Fortune 1000 companies globally, is purpose-built for IT and Security, including Cribl Stream, the industry’s leading observability pipeline, Cribl Edge, an intelligent vendor-neutral agent, Cribl Search, the industry’s first search-in-place solution, and Cribl Lake, a turnkey data lake. Founded in 2018, Cribl is a remote-first workforce with an office in San Francisco, CA.
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Media Contact
Amy McDowell
Offleash PR for Cribl
media@cribl.io
