Cribl secures USD $319 million in Series E led by Google Ventures
Cribl has announced the closure of a $319 million Series E funding round. With this infusion, the company's total capital raised surpasses $600 million, and its valuation has climbed by 40% to reach USD $3.5 billion.
The funding round was led by Google Ventures, with additional contributions from GIC, CapitalG, IVP, and CRV. This represents one of Google Ventures' largest investments to date. Michael McBride, General Partner at Google Ventures and former GitLab CRO, led the investment and will be joining Cribl's board of directors. He is set to work closely with Cribl CEO Clint Sharp as the company gears up for an eventual IPO.
Michael McBride commented, "Every company must modernise its data stack as legacy systems cannot handle today's rapid data growth, and the arrival of AI further accelerates the need for a modern data platform. Cribl's rapid growth has come from the consistent and powerful results experienced by its customers. It’s an honour to partner with Cribl’s deeply technical and seasoned team as they define the data platform category, similar to the way Salesforce did for sales and marketing, and GitLab did for DevSecOps."
In the past year, Cribl doubled its annual recurring revenue (ARR) and grew over 140% net dollar retention (NDR). The company now counts one-quarter of the Fortune 500 companies among its customers and has maintained triple-digit customer growth for five consecutive years. Last year, the firm surpassed USD $100 million in ARR, becoming the fourth-fastest infrastructure company to reach that milestone.
Clint Sharp, co-founder and CEO of Cribl, said, "As practitioners who worked in this space for years, my co-founders and I know firsthand the challenges facing IT and Security as data grows exponentially. What worked over the last ten years simply cannot keep up with the needs of businesses today, let alone over the next ten years. We started Cribl to solve these real problems for real users. Today’s funding proves the value in that approach. It’s an incredible milestone, but only a step in our journey to create a generational company that will continue to evolve to meet our customers' needs."
The new funding is anticipated to support Cribl’s continued growth, providing capital for accelerated product development, enhanced global presence, and infrastructure expansion. Cribl's vendor-agnostic solutions aim to help enterprises manage and utilise the increasing volume of IT and security data effectively. The company's range of products includes Cribl Stream, an observability pipeline; Cribl Edge, an intelligent, vendor-neutral agent; Cribl Search, a search-in-place solution; and Cribl Lake, a turnkey data lake.
Stephen O’Leary, Principal Information Security Engineer at Sophos, shared, “At Sophos, we’ve found Cribl to be invaluable when it comes to addressing some of our most complex data processing challenges. Cribl not only understands the unique needs of cybersecurity professionals but also empowers them with great flexibility and control over their data. Cribl also enables us to tailor data formats for different destinations, giving us much greater control over storage options and retention periods.”
Since its inception in 2018, Cribl has garnered accolades such as appearing on the Forbes Cloud 100 list for two consecutive years, being recognised in the Fortune Cyber60, and being listed among Inc. 5000’s Fastest Growing Private Companies. The company employs over 700 staff worldwide and operates across the United States, Europe, and Australia.
