San Francisco-based data infrastructure startup Cribl has raised $319 million in Series E funding led by new investor GV (Alphabet's corporate venture arm), with participation from GIC, CapitalG, IVP, and CRV. Bringing Cribl's total funding to $600 million, the capital infusion values the company at $3.5 billion, an increase of roughly 40% from Cribl's Series D valuation in 2022.
Cribble claims the investment is one of the largest in GV's 15-year history. As part of the deal, GV general partner Michael McBride will join Cribble's board of directors.
Cribl's software helps analyze, collect, process and route IT and security data to various systems, databases and data stores. The software has benefited from the massive growth in enterprise data over the past few years, leading companies to look for “data operations” and orchestration solutions. It is estimated that by 2025, 80% of the world's data will reside in enterprises.
Cribl is doing well, claiming 25% of the Fortune 500 as customers and annual recurring revenue (ARR) of over $100 million. (Cribl claims its customer base has grown “triple digits” year-over-year for the past five years, and ARR has risen at a 163% CAGR each year for the past four years.) The company, which has about 700 employees, is not yet cash-flow positive, but aims to be profitable by 2025.