Fishtown Analytics, a Philadelphia-based firm specializing in the open-source data engineering tool dbt, has announced the successful completion of a $29.5 million Series B funding round. This investment was spearheaded by Sequoia Capital, with continued support from existing investors Andreessen Horowitz and Amplify Partners.

The company is developing a platform designed to empower data analysts in the creation and distribution of valuable organizational insights. Their primary focus lies in data modeling, and their dbt tool enables individuals proficient in SQL to construct data transformation processes. Dbt also incorporates features for automated data quality testing and change documentation, but crucially, it leverages established software engineering methodologies to facilitate collaboration among engineers and enable continuous integration of updates.

This news follows closely on the heels of Fishtown Analytics’ announcement of a $12.9 million Series A round in April. It is uncommon to witness both a Series A and Series B funding round within such a short timeframe, but this demonstrates the growing demand for Fishtown’s offerings as organizations increasingly focus on maximizing the value of their data – and the strong interest from investors in participating in this growth. 

“This represented a significant opportunity for us,” explained Fishtown Analytics co-founder and CEO Tristan Handy, when discussing the rationale behind the rapid follow-up funding. “Regular quarterly updates with investors are standard practice, and eventually, the time comes to consider fundraising. During one of these updates, Matt Miller from Sequoia presented a comprehensive 40-page memo he had prepared for the Sequoia partnership – and included a term sheet.”

Initially, Handy expressed reluctance. “I believe, like many founders, we can be quite determined. It required careful consideration to determine if pursuing this funding was the right course of action at this time.”

Ultimately, the team decided to proceed with the funding round, primarily because it allowed for long-term planning and provided a greater degree of financial stability and predictability.

Handy has consistently emphasized that his motivation for founding Fishtown was to address the needs of its users, rather than simply building the largest possible company. This approach distinguishes them from companies like Databricks and Snowflake – and their associated financial achievements – which have sometimes served as benchmarks. “My concern was that market pressures could lead to decisions that might not ultimately benefit our users,” Handy stated.