This Fivetran company profile covers the company's valuation, revenue, funding rounds, investors and history. Fivetran works in data infrastructure, with a focus on data integration and transformation. It was founded in 2012 and is headquartered in Oakland, California, United States. Its latest valuation on record is US$5.6 billion (September 2021). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
| Metric | Value | As of | Source |
|---|---|---|---|
| Combined ARR with dbt Labs | Approaching US$600 million at the time of the merger announcement (reported) | October 2025 | Sacra |
| dbt Labs last private valuation | US$4.2 billion | February 2022 | Sacra |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Oct 2025 | All-stock merger with dbt Labs | Not disclosed | Not disclosed | dbt Labs shareholders receive a minority stake | Sacra |
| Sep 2021 | Series D | US$565M | US$5.6B | Andreessen Horowitz (lead) | Sacra |
Fivetran timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2012 — Fivetran is founded in Oakland by George Fraser (CEO) and Taylor Brown.
- Sep 2021 — Series D: US$565M, valuing the company at US$5.6B. Investors: Andreessen Horowitz (lead).
- Oct 2025 — All-stock merger with dbt Labs: Not disclosed. Investors: dbt Labs shareholders receive a minority stake.
- October 2025 — Combined ARR with dbt Labs: Approaching US$600 million at the time of the merger announcement (reported).
- February 2022 — dbt Labs last private valuation: US$4.2 billion.
Investors
Overview
Fivetran moves data from the hundreds of applications and databases companies use, such as Salesforce, SAP, NetSuite, Shopify, Postgres and Oracle, into central data warehouses and lakes like Snowflake, Databricks, BigQuery and Redshift, where it can be analysed and used for AI. It provides hundreds of pre-built, fully managed connectors that automatically adapt when source systems change, saving data engineers from building and maintaining fragile pipelines. In 2025 Fivetran agreed to merge with dbt Labs, maker of the popular dbt data transformation tool, combining two of the most widely used products in the modern data stack.
George Fraser, the CEO, and Taylor Brown founded Fivetran in 2012, and it went through Y Combinator. They initially built an analytics product before realising that the hard, valuable problem was getting data into one place reliably. Fivetran is headquartered in Oakland, California.
Products
- Managed connectors: hundreds of connectors for SaaS applications, databases, files and events, with automatic schema handling.
- Database replication: high-volume change data capture from enterprise databases, strengthened by the 2021 acquisition of HVR.
- Reverse ETL and activation: sending modelled data back into business applications, from its 2025 acquisition of Census.
- Transformations: through the dbt merger, the leading framework for transforming raw data into analytics-ready models using SQL.
- Data lake support: writing data directly into open table formats such as Apache Iceberg and Delta Lake.
The dbt Labs merger
In October 2025, Fivetran and dbt Labs announced an all-stock merger, with dbt Labs shareholders receiving a minority stake in the combined company. Together, the companies were reported to have annual recurring revenue approaching US$600 million. dbt Labs' last private valuation was US$4.2 billion in 2022. The deal combined data movement (Fivetran) with data transformation (dbt), reflecting a broader consolidation trend as customers want fewer vendors and as data platforms such as Snowflake and Databricks expand into these areas themselves. Some reports said the merger closed in 2026; the companies said dbt's open-source core would remain open source.
Funding
Fivetran raised from investors including Andreessen Horowitz, General Catalyst, Matrix Partners, Iconiq, D1 Capital Partners and CEAS Investments. In September 2021 it raised a US$565 million Series D at a US$5.6 billion valuation, led by Andreessen Horowitz, and announced the acquisition of HVR in a deal worth about US$700 million. That remains its last published priced valuation; the merger terms weren't disclosed. We show the 2021 figure, which should be treated as historical.
Business model
Fivetran charges based on usage, measured by "monthly active rows", the number of distinct rows updated through its connectors each month, along with plan tiers. dbt Labs sells dbt Cloud subscriptions for teams using its hosted development, scheduling and governance features. Combined revenue isn't formally disclosed beyond reported ARR, so we show revenue as not disclosed.
Competition
Fivetran competes with data integration tools such as Airbyte (open source), Matillion, Informatica, Talend (owned by Qlik) and Stitch, and increasingly with built-in ingestion features from Databricks, Snowflake and the cloud providers. In transformation, dbt competes with tools such as SQLMesh, which Fivetran also acquired through Tobiko Data. Its advantages are reliability, breadth of connectors and dbt's large community.
Fivetran at a glance
Fivetran is an Oakland data integration company founded in 2012 by George Fraser and Taylor Brown. It offers managed connectors that move data into warehouses and lakes, and agreed in October 2025 to merge with dbt Labs in an all-stock deal creating a company with nearly US$600 million in ARR. Its last priced round, a US$565 million Series D in 2021, valued it at US$5.6 billion.
Timeline
- 2012: founded; joins Y Combinator.
- 2020: raises a Series C at about US$1.2 billion.
- September 2021: raises US$565 million at US$5.6 billion and agrees to acquire HVR.
- 2025: acquires Census and Tobiko Data; announces merger with dbt Labs in October.
- 2026: merger reported to have closed.
The modern data stack
Over the past decade, companies moved analytics to cloud data warehouses and adopted specialised tools for each step: ingestion (Fivetran), transformation (dbt), storage and compute (Snowflake, Databricks, BigQuery), business intelligence (Looker, Tableau, Sigma) and activation (reverse ETL). This "modern data stack" made data teams more productive but led to many vendors and rising costs. Consolidation, such as the Fivetran–dbt merger, aims to simplify this stack. AI has added new urgency, because AI applications need clean, current, well-governed data.
Who uses Fivetran
Fivetran's customers range from startups to large enterprises in retail, financial services, healthcare, media and technology. Data engineers and analytics engineers are its main users, with business intelligence and AI teams depending on the data it delivers.
Risks
- Platform competition: data platforms are building native ingestion and transformation.
- Pricing pressure: usage-based costs can rise quickly, pushing customers towards cheaper or open-source options.
- Integration: combining two large companies and communities is complex.
Questions for data teams
- Which sources do you need, and how reliable are the connectors?
- How do usage-based costs compare with alternatives at your data volumes?
- How will ingestion and transformation be governed together?
Why data integration is hard
Every software application stores data differently and changes its APIs and schemas over time. A pipeline that worked yesterday can break today when a vendor renames a field or rate-limits requests. Keeping hundreds of pipelines running reliably requires constant maintenance. Fivetran's value is taking on that maintenance for thousands of customers at once, so each company doesn't have to.
Latest developments (October 2026)
Fivetran completed its all-stock merger with dbt Labs around June 2026, after announcing the deal in October 2025, according to Technical.ly and other reports. The combined company, led by Fivetran chief executive George Fraser with dbt Labs founder Tristan Handy as president, has close to US$600 million in annual recurring revenue and more than 10,000 customers. An IPO is widely expected but no date has been set. Fivetran's last priced round remains 2021 at US$5.6 billion.
What to watch
Watch integration of dbt Labs, product changes for open-source dbt users, any IPO plans for the combined company, and competition from data platforms. Our guide to the largest private SaaS companies covers related companies.
Takeaways
Data teams can automate data movement and transformation with widely adopted tools. Founders can see how consolidation is reshaping the data software market. Investors should note that merger terms and a new valuation weren't disclosed.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Fivetran do?
Fivetran is a data infrastructure / data integration and transformation company headquartered in Oakland, California, United States. It was founded in 2012.
What is Fivetran's valuation?
Fivetran was valued at US$5.6 billion as of September 2021, according to Sacra. Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Fivetran make?
Fivetran is a private company and has not publicly disclosed its revenue. Figures on third-party sites are usually modelled estimates rather than numbers reported by the company.
What was Fivetran's latest funding round?
The most recent financing we have verified is a all-stock merger with dbt labs in Oct 2025: Not disclosed. Source: Sacra.
Who are Fivetran's investors?
Investors named in public announcements include Andreessen Horowitz, General Catalyst, CEAS Investments, Matrix Partners, Iconiq, D1 Capital Partners and Y Combinator.
Who founded Fivetran?
Fivetran was founded in 2012 by George Fraser (CEO) and Taylor Brown.
Is Fivetran a public company?
No. Fivetran is a private company (private, venture backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Fivetran headquartered?
Fivetran is headquartered in Oakland, California, United States.