Cribl, a US-based in data technology startup, has closed its Series E funding round, raising $319m.
This latest investment propels the company’s valuation to $3.5bn, marking a 40% surge since its last funding round in 2022.
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Google Ventures led the round and its general partner and former GitLab CRO Michael McBride joined Cribl’s board of directors.
The round, which includes a combined primary and secondary transaction, also saw contributions from GIC, CapitalG, IVP, and CRV.
Cribl’s total capital raised now exceeds $600m.
The funding is set against the backdrop of enterprise data expanding at a compound annual growth rate (CAGR) of 28%, a rate that outstrips the growth of IT budgets.
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By GlobalDataLegacy vendors and point solutions often complicate the ability for customers to manage the increasing volume, variety, and value of data.
Cribl says it addresses this challenge with its vendor-agnostic solutions that enable customers to analyse, collect, process, and route all IT and security data.
Founded in 2018, Cribl’s annual recurring revenue is claimed to have soared at a 163% CAGR over the past four years.
Additionally, its customer base, which is said to include 25% of the Fortune 500 companies, has expanded by triple digits year-over-year for five consecutive years, the company said.
The fresh capital from the Series E round will support Cribl’s growth strategy.
The company plans to accelerate product development, expand its global presence, and enhance infrastructure to sustain its rapid growth trajectory.
With a workforce of more than 700 employees spread across the US, Europe, and Australia, Cribl is actively expanding its business footprint.
Cribl co-founder and CEO Clint Sharp said: “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.
“We started Cribl to solve these real problems for real users. Today’s funding proves the value in that approach.”
McBride said: “Cribl’s rapid growth has come from the consistent and powerful results experienced by its customers. It is 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.”
