Cribl Raises $319M In New Funding, Boosts Valuation To $3.5B

Having achieved $100 million in ARR last year, the developer of data management and observability software says it now ranks among the fastest growing infrastructure software companies in the IT industry.

Cribl has raised $319 million in an oversubscribed Series E funding round that boosted the valuation of the developer of IT and security data management and observability software to $3.5 billion, the company said Tuesday.

The funding round, which was comprised of a combined primary and secondary transaction, brought the San Francisco-based company’s total secured capital to more than $600 million.

The round was led by GV (Google Ventures) and marked one of that firm’s biggest-ever investments in its 15-year history, Cribl said. GIC, Capital G, IVP and CRV also participated in the funding round. GV general partner and former GitLab CRO Michael McBride has joined Cribl’s board.

[Related: Data Observability Startup Cribl Bolsters Partner Program]

“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,” CEO and co-founder Clint Sharp (pictured) said in a statement.

“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,” Sharp said.

Cribl raised $150 million in a Series D funding round in May 2022.

Cribl reported achieving $100 million annual recurring revenue in October following a 163 percent CAGR over the previous four years. The company said it was one of the fastest startups among infrastructure software companies to surpass that benchmark.

“When [CPO Dritan Bitincka] and [CTO Ledion Bitincka], and I started Cribl back in 2018, we had a clear vision to help enterprises unlock the value of their data,” Sharp said in blog touting the new funding. “It has taken a ton of grit from the entire Cribl team to turn this vision into reality over these past six years. We always say that software is a people business, and we’re fortunate to have some of the best people in the industry.”