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 ...
