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Coalesce Raises $50 Million in Funding to Accelerate Innovation for Data Teams
Coalesce.io announced that it has closed $50 million in Series B funding to drive growth and platform innovation. Industry Ventures and Emergence Capital led the round with participation from 11.2 CapitalBob MugliaDNX VenturesGreatPoint VenturesHyperlink VenturesNext Legacy PartnersSnowflake Ventures, and Telstra Ventures, bringing the company's total funding to $81 million.

"We've had a front-row seat to Coalesce's success, seeing them consistently outperform targets," said Fanni Fan, Principal at Industry Ventures. "Their customers regularly cite them as the most vital part of their data stack, and their mature partner ecosystem is impressive for their stage. Encouraged by this, we confidently led their Series B investment."

Since publicly launching in 2022, Coalesce has revolutionized data transformation within the ELT (Extract, Load, Transform) workflow on the Snowflake Data Cloud. By focusing on the crucial data transformation phase - the process of making raw data ready to use by cleansing, modeling, and documenting it - Coalesce ensures that quality data is primed for business intelligence and advanced analytics use cases. Its unique approach to data transformation helps data teams accelerate data pipeline development and improve data collaboration.

"The industry is moving from labor-intensive data engineering to automated, enterprise-grade solutions," observed Saad Siddiqui, General Partner at Telstra Ventures. "Coalesce leads this shift, offering comprehensive extensibility for complex ETL/ELT scenarios and an easy-to-use interface for a wider, less technical audience."

Rapid Growth Driven By Enterprise Adoption and Product Innovation
For its fiscal year ending in January 2024, Coalesce saw over 4x growth in annual recurring revenue (ARR) year-over-year and received several industry accolades. This growth underscores the strong market demand and confidence in Coalesce's data transformation solutions, evidenced by adoption from major enterprises such as Caesars Entertainment Group, CKE Restaurants, Denny's, Houlihan Lokey, and TotalEnergies.

"During a challenging VC market period, we've successfully raised capital by demonstrating explosive growth and an innovative product that significantly enhances the efficiency of data teams," said Armon Petrossian, CEO and Co-founder of Coalesce. "This achievement is a testament to our incredible team and valued customers, who are the pillars of our rising leadership in the industry."

The Road Ahead
Post-Series B, Coalesce will concentrate on three areas:

  1. Enhancing customer satisfaction through improved software scalability and performance.
  2. Introducing AI-driven features plus new capabilities designed for broader audiences.
  3. Boosting market awareness to ensure that every Snowflake customer seeking efficiency and scale knows about Coalesce.

"Snowflake Ventures invests in our ecosystem partners to accelerate innovation," said Harsha Kapre, Director at Snowflake Ventures. "Coalesce is designed to complement the performance and scalability of Snowflake and is well positioned to harness the power of the Data Cloud. We see our customers embracing their intuitive interface to develop data pipelines efficiently, unlocking the true potential of their data without the usual engineering headaches."

Published Thursday, April 04, 2024 1:50 PM by David Marshall
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