Enterprise data startup Cribl raises $319 million in Series E funding at $3.5 billion valuation

Data infrastructure startup Cribl has secured $319 million in growth funding to growth funding to transform the enterprise data market. The funding is a significant amount in today’s challenging fundraising environment, especially for a company not solely focused on AI.

This Series E round, which includes both primary and secondary transactions, raises Cribl’s total funding to over $600 million and boosts its valuation to $3.5 billion, a 40% increase since its Series D round in 2022.

The company, which has a workforce of 700, organizes data for IT and security teams, and raised $200 million in capital along with a $119 million secondary offering, according to co-founder and CEO Clint Sharp.

New investor GV (Google Ventures) led the round, marking one of the firm’s largest investments to date. GV General Partner Michael McBride, formerly CRO at GitLab, led the investment and has joined Cribl’s Board of Directors. Other participants in the round included GIC, CapitalG, IVP, and CRV. GV’s backing of Cribl stands out as one of the most substantial investments in the firm’s 15-year history.

This funding follows Cribl’s achievement of surpassing $100 million in annual recurring revenue (ARR) in under four years, making it the fourth-fastest infrastructure company to reach centaur status in October 2023.

The fresh capital infusion will be used to drive Cribl’s growth by fast-tracking product innovation, expanding its global reach, and bolstering the infrastructure needed to sustain its rapid expansion.

As enterprise data continues to grow at a compound annual growth rate of 28%, outpacing IT budgets, legacy vendors and point solutions struggle to handle the sheer volume and variety of data. Cribl’s vendor-agnostic solutions enable customers to analyze, collect, process, and route all IT and security data, unlocking its full potential.

Since its founding in 2018, Cribl has seen rapid growth as enterprises globally adopt its Data Engine for IT and Security, significantly enhancing their data strategies. Cribl’s telemetry data management solutions offer substantial value to enterprises.

Founded in July 2018 by Clint Sharp, Ledion Bitincka, and Dritan Bitincka, Cribl provides a data platform for IT and security operations teams. The startup is expanding its presence globally, with operations in the US, Europe, and Australia.

The founders, having previously worked with enterprises, recognized the persistent issues with data logging and sought to create a solution that not only met customer needs but also integrated seamlessly with existing systems.

“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,” said Clint Sharp, co-founder and CEO of Cribl. “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.”

Headquartered in San Francisco, Cribl now serves 25% of the Fortune 500 with annual recurring revenue (ARR) exceeding $100 million.  The startup has been recognized with several industry awards, including the Forbes Cloud 100 for two consecutive years, the Redpoint InfraRed 100, Notable Capital’s Rising in Cyber, and the Wing Enterprise Tech 30.

Cribl Team