Thinking Long-Term

Initial non-dilutive funding from Lighter Capital provided Fishtown Analytics the capital to hit company milestones which led to funding from Andreessen Horowitz and Amplify Partners and a later $29.5m Series B round from Sequoia Capital.

Fishtown’s Impact

Fishtown Analytics, a software and consultancy company founded in 2017, has made remarkable strides since receiving initial funding from Lighter Capital in 2019. The company’s long-term objective is to improve the way data analysts work through higher-leverage tooling. Fishtown Analytics’ professional services team, composed of analytics engineers, supports companies with data organization via modeling. The team builds and maintains dbt, an open-source data modeling tool used by over 5,000 companies today. Fishtown’s clients include JetBlue Airways, Casper, Invision, Gitlab, and Hubspot, to name a few.

Headquarters: Philadelphia, Pennsylvania, United States

Industry: Enterprise Services

Lighter Capital funding: USD $240K Loan, March 2019

Recently raised in funding: $29.5M Series B, November 2020

Financing Success

On November 11, 2020, Fishtown Analytics announced a $29.5 million Series B financing led by Sequoia Capital, as well as prior investors Andreessen Horowitz and Amplify Partners. It is rare to see both a Series A and Series B round of funding within half a year of each other, which is a testament to market demand for dbt. The company’s novel approach to data transformation has seen advocates ranging from early stage startups to blue-chip Fortune 500 companies.

Growing Traction

Fishtown’s dbt has seen widespread and growing traction. Snowflake, a cloud computing-based data warehousing company, recently qualified dbt as a Validated Technology, and over 5,000 companies use dbt as part of their weekly analytics engineering workflow.  

The short timeframe between Fishtown’s Series A and Series B signals investor confidence in the market for dbt. As more and more organizations see the need to streamline and leverage their data, Fishtown will likely see growing demand for its services. Snowflake’s recent IPO, Databricks’ rapid growth, and the multi-billion-dollar acquisitions from Google and Salesforce all indicate the large market opportunity at play. 

Getting Started with Lighter Capital

In 2019, Fishtown Analytics reached out to Lighter Capital for funding. Lighter Capital helps fund companies through a revenue-based financing solution that scales with a business‘s growth, allowing entrepreneurs to focus on their company’s development without giving up equity, personal guarantees, or board seats. 

The funding from Lighter Capital allowed Fishtown to build a world-class team of engineers while expanding the breadth of what dbt can do. Lighter Capital’s funding gave Fishtown the necessary time to figure out its path. 

Fishtown Analytics CEO, Tristan Handy, considers bootstrapping, and later raising capital from Lighter, to be a core part of the company’s success.  We didn’t set out with an explicit goal to become a VC-backed company,” said Handy. “We were extremely happy just running a profitable small business that did good work for good people if that’s what made the most sense. Accepting venture money means giving up a certain amount of control over your long-term trajectory, and we just weren’t sure that we were ready to do that. The investments we made with the Lighter Capital dollars were exactly what gave us the confidence to charge down the VC-backed route, and we’ve never looked back.”.

Expanding the Breadth of dbt

The $29.5m in Series B financing from Sequoia Capital will allow Fishtown Analytics to further build out an extraordinary team of engineers and expand the breadth of what dbt can do. As CEO Tristan Handy states, “Cash gives us time, and time gives us the freedom to think big.”

 

About Fishtown Analytics:

Fishtown Analytics is on a mission to help analysts create and disseminate organizational knowledge. Fishtown Analytics pioneered the practice of analytics engineering, built the primary tool in the analytics engineering toolbox–dbt—and has been fortunate to see a fantastic community coalesce around the analytics engineering workflow. Today there are 5000+ companies using dbt; 14,000+ folks in the dbt Slack community; and 1,000+ dbt Cloud customers.

About Lighter Capital:

Lighter Capital has revolutionized startup financing by making it easy for entrepreneurs to quickly access up to $3 million in growth and working capital with zero dilution and full control over how to use the funds. Lighter has provided financing to 400+ companies, totaling over $200M, including MapAnything, Jive, Quip, and more.

Fishtown CEO, Tristan Handy, first heard about Lighter Capital in 2019, “We didn’t set out with an explicit goal to become a VC-backed company,” said Handy. “We were extremely happy just running a profitable small business that did good work for good people if that’s what made the most sense. Accepting venture money means giving up a certain amount of control over your long-term trajectory, and we just weren’t sure that we were ready to do that. The investments we made with the Lighter Capital dollars were exactly what gave us the confidence to charge down the VC-backed route, and we’ve never looked back.

  • Tristan Handy CEO at Fishtown Analytics