Starburst Data Hits $1.2 Billion Valuation as Andreessen Invests
(Bloomberg) -- Starburst Data Inc., a maker of enterprise software, reached a $1.2 billion valuation after raising $100 million in a funding round led by Andreessen Horowitz.
Salesforce Ventures and existing investors Coatue and Index Ventures also participated in the round that vaults the Boston-based startup to so-called unicorn status and more than triples the $342 million valuation ascribed when it last raised capital in June.
Starburst, founded in 2017, makes software that customers including the Financial Industry Regulatory Authority, Comcast Corp. and Condé Nast use to analyze data.
“It’s a great environment to raise capital and we’re excited to partner with Andreessen given their history of being able to accelerate the go-to-market efforts of companies including Databricks, which does for the data scientist what we aim to do for the business analyst,” Starburst Chief Executive Officer and co-founder Justin Borgman said in an interview.
Proceeds from the capital raising will be used to fund product development and add an Asia Pacific hub staffed with sales professionals and customer support. The company is seeking to triple revenue in 2021 after quadrupling sales in 2020, Borgman said, declining to provide specific figures.
“It’s very possible this could be our last funding round as we’re well-capitalized for the foreseeable future,” he said, adding that Starburst’s next brush with potential investors could be an initial public offering in 2024.
“Starburst’s growth in just three years has been fueled by the fundamental shift in how organizations approach data access and analytics, and we see the company as a key player in the future of the data-driven enterprise,” David George, a general partner at Andreessen Horowitz, said in an emailed statement.
Salesforce Ventures’ participation in the round was driven by Salesforce.com Inc.’s ownership of Tableau, a data-visualization software maker that can be connected to Starburst’s query engine, known as Presto.
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