Dbt Labs raised a $222 million Series D round, raising the Philadelphia data analytics startup’s valuation to $4.2 billion.
Existing investor Altimeter Capital led the round, and other previous investors including Amplify Partners, Andreessen Horowitz and Sequoia Capital also participated. New investors joining in on the round represent some of the startup’s closest data tool partners — Salesforce, Databricks and Snowflake — as well as Coatue, Tiger Global, Iconiq Growth, Google Ventures and Singapore-based GIC.
No new board members will join dbt Labs as a result of the investment.
The latest raise comes less than a year after dbt Labs raised a $150 million Series C, which lifted its valuation to $1.5 billion. The firm, founded as Fishtown Analytics, has raised a total of $414.4 million since launching in 2016. Dbt Labs is now Greater Philadelphia's second-highest valued startup, behind Gopuff. The digital delivery startup last raised a $1.5 billion convertible note that could lift its valuation to up to $40 billion. Gopuff was last valued at $15 billion.
The funding will be used to continue developing dbt, the firm's fast-growing open source analytics tool that lets clients input their own raw data to turn it into clean data insights.
Dbt Labs says it has increased annual recurring revenue by six times in 2021. The company works with 25,000 data professionals and more than 9,000 companies, including JetBlue, Nasdaq and Canva.
