Cribl, a San Francisco-based data engine company for IT and security, has scooped $319 million in Series E funding at a valuation of $3.5 billion. The round was led by Stripe and Uber-backer GV aka Google Ventures, which recently backed Again and Climate X. It also saw participation from GIC, CapitalG, IVP, and CRV.
How will it use the funding?
The company intends to use the funds to accelerate its continued growth by accelerating product development, extending its global presence, and strengthening infrastructure to support its rapid expansion.
As a result of this investment, GV’s General Partner and former GitLab CRO Michael McBride joined Cribl’s Board of Directors.
“Michael’s experience at GitLab and GV’s track record will help guide us in continuing our awesome growth trajectory,” CEO and co-founder of Cribl Clint Sharp. “With great investors like GIC, CapitalG, IVP, and CRV backing us, we are in a fantastic position to bring the data engine for IT and security to businesses around the world.”
What does the company do?
Cribl was founded in 2018 by Clint Sharp, Dritan Bitincka, and Ledion Bitincka. It is a data engine company for IT and security that empowers organisations to to analyse, collect, process, and route all IT and security data from any source or to any destination, delivering the control, and flexibility required to adapt to their needs.
Its product suite, which is used by Fortune 1000 companies globally, is purpose-built for IT and Security, including Cribl Stream, an observability pipeline, Cribl Edge, an intelligent vendor-neutral agent, Cribl Search, the industry’s first search-in-place solution, and Cribl Lake, a data lake.
According to Cribl, annual recurring revenue (ARR) recently surpassed $100 million, reflecting a 163% compound annual growth rate over the past four years. The startup also claims its customer base has expanded at a triple-digit pace year-over-year for five consecutive years.
“When Dritan, Ledion and I started Cribl back in 2018, we had a clear vision to help enterprises unlock the value of their data. I’m reminded of that vision at every crucible moment in our short history, including securing more than $600m in capital, becoming one of the fastest infrastructure software companies to surpass $100m in ARR [annual recurring revenue] and expanding our portfolio with innovative products built from first principles, added Sharp.”
