dbt Labs Acquisition, Valuation, Funding & Investors
dbt Labs was acquired by Fivetran in October 2025.
dbt Labs revenue
$100M
Series D · Feb 2022
Cumulative funding dbt Labs raised
$414M
across 4 funding rounds
Key investors in dbt Labs
Andreessen Horowitz
Amplify Partners
Sequoia Capital
Altimeter Capital
Tiger Global
GV
About dbt Labs
dbt Labs is the company behind dbt, an open-source data transformation tool that lets data teams transform, manage, and document data inside cloud warehouses such as Snowflake, Google BigQuery, Databricks, and Amazon Redshift. Formerly known as Fishtown Analytics and based in Philadelphia, the company helped popularize the shift from traditional ETL to ELT workflows, giving data analysts a standard way to build and share organizational data models. dbt has become foundational to analytics workflows industry-wide, with dbt Cloud APIs powering business intelligence, operational analytics, data discovery, and data governance applications.
Founded
2016
HQ
United StatesWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$100M (Feb 2022)
Valuation
$4.2B (Feb 2022)
dbt Labs Acquisition
dbt Labs was acquired by Fivetran for an undisclosed price on 13 October 2025.
Before the acquisition dbt Labs had raised $414M across 4 funding rounds.
Fivetran, the global leader in automated data movement, signed a definitive agreement to merge with dbt Labs in an all-stock transaction announced on October 13, 2025. dbt Labs pioneered modern data transformation through its open-source dbt Core platform, which has become foundational to analytics workflows across the industry. The combined company will approach $600 million in annual recurring revenue and serve well over 10,000 customers, with George Fraser (Fivetran CEO) leading as CEO and Tristan Handy (dbt Labs founder and CEO) serving as President and co-founder of the merged entity. The strategic rationale centers on creating unified "open data infrastructure" that combines Fivetran's automated data movement and ingestion capabilities with dbt's transformation, metadata, and governance strengths, along with Census (previously acquired by Fivetran) for reverse ETL and activation. This integration addresses the increasing complexity of enterprise data management and AI-ready analytics by offering customers a comprehensive platform spanning the full data lifecycle—from source to warehouse to activation—while maintaining interoperability and avoiding vendor lock-in. The companies are committed to keeping dbt Core open source under its current license and maintaining community-driven development, with leadership also signaling plans to bring greater openness to Fivetran's ecosystem through potential open-sourcing of connectors and standards investments. The merger follows board and shareholder approval from both companies and remains subject to customary closing conditions including regulatory approvals. The transaction reflects broader consolidation in the data infrastructure market as AI workloads drive stricter demands around data quality, latency, and scale, and signals the maturation of the modern data stack through strategic consolidation of complementary category leaders.
| Acquirer | Date | Type |
|---|---|---|
| 13 Oct 2025 | Strategic M&A |
dbt Labs Valuation
dbt Labs is currently valued at $4.2B, based on its Series D in February 2022.
The $222M round was led by Altimeter Capital, with participation from Snowflake, Salesforce Ventures, ICONIQ Capital, GV, GIC and 6 other investors.
dbt Labs' valuation has grown 88x from $48M at its Series A in April 2020 to $4.2B in February 2022, across 3 priced rounds.
dbt Labs valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2022 | Series D | $4.2B | 42.0x |
| Jun 2021 | Series C | $1.5B | 15.0x |
| Apr 2020 | Series A | $48M | - |
dbt Labs Revenue
dbt Labs' latest recorded revenue is $100M, as of its Series D in February 2022. At a $4.2B valuation, that implies a 42.0x revenue multiple.
Revenue moved from $100M in June 2021 to $100M in February 2022, while the revenue multiple moved from 15.0x to 42.0x.
dbt Labs revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Feb 2022 | $100M | $4.2B | 42.0x | Series D |
| Jun 2021 | $100M | $1.5B | 15.0x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
dbt Labs Funding History
dbt Labs has raised a total of $414M across 4 funding rounds.
dbt Labs' first fundraising round was a $13M Series A in April 2020. The most recent completed round was a $222M Series D in February 2022.
dbt Labs funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2022 | Series D | Altimeter Capital (lead); Snowflake; Salesforce Ventures; ICONIQ Capital; GV; GIC; Andreessen Horowitz; Databricks Ventures; Sequoia Capital; Amplify Partners; Tiger Global; Coatue | $222M | $4.2B | dbt Labs, the pioneer in analytics engineering, develops dbt, an open-source data transformation tool that enables data teams to transform, manage, and document data in cloud warehouses, positioning it as the industry standard for data transformation in the modern data stack. On February 24, 2022, the Philadelphia-based company raised $222 million in a Series D funding round at a $4.2 billion post-money valuation, led by Altimeter Capital with participation from existing investors Amplify Partners, Andreessen Horowitz, and Sequoia Capital, as well as new investors Coatue, Tiger Global, ICONIQ Growth, GV, GIC, and strategic backers Databricks Ventures, Salesforce Ventures, and Snowflake. The company plans to use the capital to expand dbt Cloud, hire over 300 employees, and develop the dbt Semantic Layer as an open source of truth for organizational metrics accessible via BI and analytics tools. Recent milestones include powering over 25 enterprise applications via dbt Cloud APIs across business intelligence, operational analytics, data discovery, data quality, and data governance. This follows a Series C in June or July 2021 that achieved unicorn status, bringing total funding to over $414 million. |
| Jun 2021 | Series C | Altimeter Capital (lead); Andreessen Horowitz (lead); Sequoia Capital (lead); Amplify Partners | $150M | $1.5B | dbt Labs, formerly Fishtown Analytics, is a Philadelphia-based company that develops dbt, an open-source analytics engineering tool for data transformation in cloud data warehouses like Snowflake, Google BigQuery, Databricks, and Amazon Redshift. The tool supports a shift from traditional ETL to ELT workflows, empowering data analysts to create and disseminate organizational knowledge. On June 30, 2021, dbt Labs closed a $150 million Series C funding round co-led by Altimeter Capital, Sequoia Capital, and Andreessen Horowitz, with participation from existing investor Amplify Partners. This marked the company's third major round in 16 months, following a $12.9 million Series A in April 2020 and $29.5 million Series B in November 2020, propelling its post-money valuation to $1.5 billion and achieving unicorn status as the second Philadelphia company to do so that year. The funding provided runway to accelerate development of dbt, ramp up hiring in product and engineering, and expand the platform amid explosive growth in the modern data stack. dbt adoption had grown 200% annually since its 2016 launch, with Q1 2021 seeing doubled revenue in the enterprise segment. By the round, the dbt Slack community had 15,000 data professionals, 5,500 companies used dbt, and there were 1,000 dbt Cloud customers, up from 8,000 Slack members and 3,000 companies in November 2020. The headcount stood at 116 employees. Snowflake qualified dbt as a Validated Technology, underscoring its traction across startups to Fortune 500 firms. Proceeds were earmarked for aggressive investments in analytics engineering tooling, hosting events like the Coalesce conference in December 2021, and scaling global operations. Investors highlighted dbt's leadership in cloud data platforms and data transformation. Subsequent rounds included a $222 million Series D in February 2022 at $4.2 billion valuation, but the June 2021 Series C solidified its position in the burgeoning data analytics market. |
| Nov 2020 | Series B | Sequoia Capital (lead); Andreessen Horowitz; Amplify Partners | $30M | - | dbt Labs (formerly Fishtown Analytics) raised $29.5 million in Series B funding in November 2020, led by Sequoia Capital with participation from Andreessen Horowitz and Amplify Partners. The company was at an early stage of product-market fit, having transitioned from a consulting business to a software platform focused on data transformation in the cloud. At the time of the Series B, the company's post-money valuation was not publicly disclosed, though the funding followed a Series A round of $12.9 million in April 2020 led by Andreessen Horowitz at a $48 million valuation. The Series B funding was intended to expand dbt's data transformation platform and grow its open-source community, with the company positioning itself as a foundational tool for analytics engineering. At this stage, dbt Labs had not yet publicly reported annual recurring revenue or EBITDA figures; the company would later disclose that it achieved a 6x increase in annual recurring revenue during 2021, reaching approximately $100 million in ARR by the time of its Series D announcement in February 2022. dbt Labs would go on to raise $150 million in Series C in June 2021 at a $1.5 billion valuation, followed by a $222 million Series D in February 2022 at a $4.2 billion valuation. |
| Apr 2020 | Series A | Andreessen Horowitz (lead); Amplify Partners; K4 Forum Mumbai Network | $13M | $48M | dbt Labs develops open-source tools that help data teams transform, manage, and document data in cloud warehouses, pioneering analytics engineering through dbt, a SQL-based data transformation tool. The Philadelphia-based company transitioned from consulting to a software product business with its Series A round. In April 2020, dbt Labs raised $12.9M in a Series A round led by Andreessen Horowitz at a $48M valuation. The funding supported scaling the company and product development. Subsequent rounds included a $29.5M Series B in November 2020 led by Sequoia Capital, $150M Series C in June 2021 led by Altimeter Capital, Andreessen Horowitz, and Sequoia Capital, and a $222M Series D in February 2022 led by Altimeter Capital at a $4.2B valuation, bringing total funding to $414.4M. |
Who has invested in dbt Labs?
13 investors have backed dbt Labs across its funding rounds, including Andreessen Horowitz, Amplify Partners, Sequoia Capital, Altimeter Capital, Tiger Global and GV.
Lead investors include Altimeter Capital, Andreessen Horowitz and Sequoia Capital.
dbt Labs Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 4 | Lead | Apr 2020 | |
| San Francisco, CA | 4 | Participant | Apr 2020 | |
| San Francisco, CA | 3 | Lead | Nov 2020 | |
| San Francisco, CA | 2 | Lead | Jun 2021 | |
| San Francisco, CA | 1 | Participant | Feb 2022 | |
| San Francisco, CA | 1 | Participant | Feb 2022 | |
| San Francisco, CA | 1 | Participant | Feb 2022 | |
| San Francisco, CA | 1 | Participant | Feb 2022 | |
 Singapore | 1 | Participant | Feb 2022 | |
| San Francisco, CA | 1 | Participant | Feb 2022 | |
| New York City, NY | 1 | Participant | Feb 2022 | |
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Start Free TrialAcquisitions by dbt Labs
dbt Labs has acquired 2 companies to date.
Last acquisition by dbt Labs was on January 14th 2025. dbt Labs acquired SDF for undisclosed valuation.
Latest Acquisitions by dbt Labs
| Description | SDF is a San Francisco-based developer of a SQL compiler and build system using static analysis for data warehouses. The platform examines queries at petabyte scale, integrating with Snowflake and BigQuery for performance optimization and schema validation. | Transform is a Seattle-headquartered metrics platform serving as a centralized repository for data teams to define, manage, and share business metrics in code. Launched in 2021, it integrates with dbt, Looker, and Tableau to enforce consistent definitions across tools like Snowflake and Redshift. The platform tracks metric lineage and supports branching for experimentation, used by enterprises including Amplitude and Notion. Transform handles petabyte-scale datasets, reducing analysis time through automated documentation and validation. Its open-source core fosters community contributions on GitHub. |
| HQ Country | | |
| HQ City | Los Angeles, CA | San Francisco, CA |
| Deal Date | 14 Jan 2025 | 8 Feb 2023 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
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dbt Labs Competitors
dbt Labs competitors include listed companies like Datadog, Teradata and Business-intelligence, and private ones like Dataiku, Starburst and PingCAP.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Publicly listed | $3.4B | ($588K) | $85B | 19.4x | |
| New York City, NY | Private | $150M | - | $3.7B | 24.7x | |
| Boston, MA | Private | $100M | - | $3.4B | - | |
| San Francisco, CA | Private | - | - | $3B | - | |
| United States | Publicly listed | $1.7B | $285M | $2.7B | 1.5x | |
 China | Publicly listed | $389M | $54M | $2B | 5.9x |
dbt Labs Public Comps
dbt Labs is no longer listed, but its public comps include Xunce Technology, Sportradar, Geovis, Octave Intelligence, Dameng Database, Presight AI, Teradata, Shanghai DZH, CommVault Systems and SenseTime Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $192M | ($15M) | 21.3x | 13.4x | (264.0x) | 415.8x | |||
| $1.5B | $613M | 2.3x | 2.1x | 5.6x | 8.7x | |||
| $399M | $44M | 9.8x | 8.4x | 87.8x | - | |||
| $1.6B | $530M | 3.3x | 3.3x | 10.1x | 9.6x | |||
| $195M | $84M | 15.3x | 12.5x | 35.5x | 27.6x | |||
| $825M | $214M | 6.3x | 5.4x | 24.4x | 20.8x | |||
| $1.7B | $285M | 1.4x | 1.5x | 8.4x | 5.3x | |||
| $123M | ($545K) | 18.1x | - | (4082.3x) | - | |||
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Common questions about dbt Labs
| When was dbt Labs founded? | dbt Labs was founded in 2016. |
| Where is dbt Labs headquartered? | dbt Labs is headquartered in United States. |
| Is dbt Labs publicly listed? | No, dbt Labs was acquired by Fivetran in October 2025. |
| Who acquired dbt Labs? | dbt Labs was acquired by Fivetran in October 2025. |
| What is dbt Labs' valuation? | dbt Labs was last valued at $4.2B in its Series D in February 2022. |
| How much funding has dbt Labs raised? | dbt Labs has raised $414M across 4 funding rounds. |
| What was dbt Labs' last funding round? | dbt Labs' last funding round was a $222M Series D in February 2022, led by Altimeter Capital. |
| Who are dbt Labs' investors? | dbt Labs' investors include Andreessen Horowitz, Amplify Partners, Sequoia Capital, Altimeter Capital, Snowflake, Salesforce Ventures, ICONIQ Capital, GV, GIC, Databricks Ventures and 3 others. |
| What is dbt Labs' revenue? | dbt Labs' latest recorded revenue is $100M (February 2022). |
| What is dbt Labs' revenue multiple? | dbt Labs' latest valuation implies a 42.0x revenue multiple ($4.2B valuation on $100M of revenue). |
| Which companies are comparable to dbt Labs? | Companies comparable to dbt Labs include Datadog, Dataiku, Starburst, PingCAP, Teradata and Business-intelligence. |
| How many companies has dbt Labs acquired? | dbt Labs has acquired 2 companies, including SDF and Transform. |
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