Matillion Announces $35M Series C Investment to Fuel Business Expansion
Today’s another exciting day in Matillion’s story. I’m delighted to announce the completion of our $35M Series C fundraising round, led by new investor Battery Ventures. Many thanks to our customers, partners and investors, new and existing, for helping us continue to deliver our vision and lead a new category of software – data transformation for cloud data warehouses.
Back in 2014, the focus of our business was different – we used to build and manage data warehouses for our customers, in the cloud. In trying to support our customers, we were frustrated by the lack of products available to help us do that efficiently and at scale. We needed a product that would deliver simplicity, speed, scale and savings, but one didn’t exist. This seemingly simple requirement, that posed a big challenge, is the origin story of Matillion ETL.
At that time, there were data integration products in the market that were functionally rich and mature, from companies like Informatica, IBM and Talend. These products delivered the three areas of value we needed (and we think that everyone building data warehouses still needs). Namely, extract and load – the ability to get data from source systems into the data warehouse; data transformation – the ability to join together siloed data, denormalize, add value and embellish business logic and metrics… in other words, the ability to make data “analytics ready”; and finally, the ability to do all of this in a complex IT environment, at scale and as a team.
These legacy products ticked all these boxes, but, crucially, they weren’t built for the cloud. That made them, for us, slow (compared to cloud technology), difficult to manage and scale, hard to buy, and also meant they obfuscated away some of the underlying power and features of the cloud platforms.
We needed something that delivered what we saw as the three value areas of the legacy data integration products – extract, load, transformation – but that was purpose-built for the cloud and for the new generation of cloud data warehouses.
So, we decided to build it ourselves – and in October 2015, we launched Matillion ETL, which has since emerged to be the category leader in data transformation for cloud data warehouses.
“Many large organizations struggle to connect more and more data sources to their central cloud repositories. It’s great to see just how effectively Matillion’s cloud-native ELT technology eliminates a lot of that pain, making it easier for those large companies to derive business value from their data. Matillion’s leadership is unquestionable.” – Andy Vitus, Partner, Scale Venture Partners
The strong growth we’ve been lucky to experience over the past few years – with triple digit ARR growth every year since launch – is a testament, we think, to the market need for a proper data transformation tool, purpose-built for the cloud.
It’s our view that this journey is just getting started.
Every company in the world needs to compete using data. It’s no longer a choice or a desire. Rather, it’s an imperative – a competitive need – to understand and service customers better, to develop and improve products, and to streamline business processes using data.
And this innovation with data, for the most part, will be done in the cloud. Only the cloud offers the agility, power and economics to keep up with this thirst for data insight in a way that is practical and suitably fast.
Matillion sits at the intersection of these two mega trends – cloud and data analytics.
This is partially why Matillion has raised this latest round of funding: to allow us to further increase our pace of investment into our technology, as well as into our go to market teams, who work to make our customers successful and who help us keep up with the strong demand we’re experiencing for our software.
The focus of our engineering investment will be on:
- Further enhancing the core Matillion ETL product line with more connectors, more features and more improvements, as our 550+ existing customers have come to expect
- Continuing to deliver the features that sophisticated IT environments require, including in areas such as (even more) scalability, development lifecycle integration and re-use
- Ensuring Matillion ETL is available on all the most relevant cloud data warehouses and public clouds, and deeply integrated to the particular features of each, whilst ensuring portability of business logic developed in Matillion for those customers with multi-cloud strategies
- Developing new product lines that take Matillion’s core technology and make it available to new users and use cases – providing choice through the cloud adoption journey, and simplifying procurement for our customers
In go to market, we’ll continue to focus on providing world class support – which today has made us the #1 rated product on AWS Marketplace globally. This on top of ensuring that we’re providing the right combination of services, enablement and partnerships to help all our customers succeed, be they tech startups, Fortune 500 enterprises or our valued alliance, consulting and technology partners.
We’re delighted to partner with the team at Battery Ventures at this stage of our journey. Battery has an undeniable pedigree in cloud, enterprise SaaS and data analytics. More so, they share the thing that’s most important to all Matillioners – our values. We look forward to welcoming Dharmesh Thacker to our board and working closely with him and his team.
“Matillion has built an innovative, cloud-native, data-middleware product from the ground up, and the company partners with some of the fastest-growing cloud-data warehousing platforms that enterprises are deploying today. Battery is focused on such cloud-first businesses worldwide – including in Europe – as enterprise IT shifts to the cloud, and the ability to analyze data underpins the digital – transformation process at all companies. We’re excited to partner with Matthew and the Matillion team to help drive the next phase of the company’s global growth.” – Dharmesh Thakker, general partner at Battery Ventures.
We’re also thrilled that our existing investors, Sapphire Ventures and Scale Venture Partners, again chose to invest at this round – deepening their relationship with us and continuing to add value as we think deeply about how best to serve this market.
“Matillion continues to deliver a truly differentiated product in the cloud-based data integration market,” said Andreas Weiskam, Sapphire Ventures. “We’re excited with the progress Matthew and team have made in proving the value that purpose-built data transformation software can deliver for their customers. We look forward to continuing to partner with Matthew, and the new investors, to power the next phase of Matillion’s business expansion.”
On a personal note, I would like to extend my congratulations to our team – today over 120 Matillioners (and growing fast!), who work from our locations in Denver, CO, Manchester UK, New York, NY and Seattle, WA.
As we like to say at Matillion, the company is the team, who live by the values. So congrats #teamgreen. I’m looking forward to working with you and for you, as we together continue to build and deliver the technology that makes our customers successful.
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