In its third major investment round since early 2020, Fishtown Analytics — now rebranded to dbt Labs, after its signature tool — announced the closing of its Series C at $150 million.
The round was co-led by Altimeter, and existing investors Sequoia Capital and Andreessen Horowitz, all of which are prominent Silicon Valley venture capital firms. The round also included participation from Amplify Partners. It follows the company’s Series A in April 2020 of $12.9 million, and its Series B in November for $29.5 million. The company is currently valued at $1.5 billion, CEO Tristan Handy said. Crossing the billion-dollar valuation threshold means the company has reached unicorn status. It’s the second Philly company to do so this year, following goPuff.
The raise is designed to allow the team to speed the development of dbt, its open source, SQL-based data analytics tool that has a robust community surrounding it. In November, it stood at about 8,000 members in its Slack community, and about 3,000 companies (including locals goPuff and Crossbeam) are using dbt as part of their regular analytics engineering workflow. Now, the company said there are 15,000 data professionals in the dbt community Slack; 5,500 companies using dbt and 1,000 dbt Cloud customers.
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