Big data analytics software developer Databricks Monday confirmed raising US$1 billion in a new Series G round of funding that boosts the company’s post-money valuation to US$28 billion.
The new financing presages what many observers expect will be a blockbuster IPO from the San Francisco-based company sometime this year.
The latest funding round comes on top of the US$897 million the San Francisco-based company has already raised including the US$400 million Series F round of financing the company announced in October 2019 and the US$250 million Series E funding in announced in February of that same year.
Last week there were reports, which Databricks declined to confirm, that said the company might have snagged as much as US$2 billion in additional funding, pushing its pre-money valuation to US$28 billion to US$30 billion.
Databricks now valued at $28 billion, following $1 billion Series G funding
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Databricks Raises $1 Billion Series G Investment at $28 Billion Valuation
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Lead Franklin Templeton is joined by Fidelity and new strategic investors AWS, CapitalG, and Salesforce Ventures; Current strategic investor Microsoft also participated
SAN FRANCISCO, Feb. 1, 2021 /PRNewswire/
Databricks, the Data and AI company, today announced a $1 billion investment in response to the rapid global adoption of its unified data platform. The Series G funding, led by new investor Franklin Templeton, puts Databricks at a $28 billion post-money valuation. Franklin Templeton is joined by other new investors including Canada Pension Plan Investment Board, Fidelity Management & Research LLC, and Whale Rock, along with new strategic investors Amazon Web Services (AWS), CapitalG and Salesforce Ventures. Existing investors participating in the round include Microsoft, Andreessen Horowitz, Alkeon Capital Management, funds and accounts managed
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As coronavirus broke out last year, 12 Canadian companies, including Air Canada and Loblaw, came together last August to start a non-profit consortium led by the University of Toronto’s Creative Destruction Lab with the sole mission to develop and implement pilots for screening of COVID-19 at workplaces across Canada.
The full roster of the companies is: The Canada Pension Plan Investment Board (CPPIB), Genpact, Loblaw Companies Ltd. and its subsidiary Shoppers Drug Mart, Magna International Inc., MDA Corp., Air Canada, Maple Leaf Sports & Entertainment Ltd., Nutrien Ltd., Rogers Communications Inc., Scotiabank and Suncor Energy.
The unprecedented move, reportedly the first among companies in the developed world, was tasked with the mission to “seed the plan to bring our economy back to normality.”
Unusual suspects
The collective of investors is impressive and unusual: Franklin Templeton leads the round and is joined by Canada Pension Plan Investment Board, Fidelity Management & Research LLC and Whale Rock, along with new strategic investors Amazon Web Services, Alphabet s CapitalG and Salesforce Ventures. Also participating are a slew of existing investors: Microsoft, Andreessen Horowitz, Alkeon Capital Management, BlackRock, Coatue Management, T. Rowe Price Associates, Inc. and Tiger Global Management.
The combination of so many financial services firms and cloud giants makes it clear that Databricks approach to analytics has great appeal. Data warehouse powerhouse Snowflake may have had the biggest software IPO of all time, but this Series G raise gets its own place in the analytics funding hall of fame.
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