End-to-end real-time search and analytics platform Elasticsearch today announced it has raised US$70 million in Series C funding. The round is being lead by New Enterprise Associates (NEA), who are joined by Benchmark Capital and Index Ventures.
Founded in 2012 in Amsterdam Elasticsearch has been growing at an incredible rate, propelled by the US$34 million it raised in previous rounds from the likes of Benchmark, Index Ventures, SV Angel and Data Collective.
So far the company has managed to bring adoption of its core products to 8 million downloads. It has grown its customer base sevenfold and now serves large enterprises like eBay, Facebook, TomTom, but also famous startups like Tinder. Co-founder and CEO Steven Schuurman has also doubled their number of employees over the past months.
Schuurman lauds his investors for Elasticsearch’s rapid ascent: “It’s incredible to receive this kind of support from our investors over such a short period of time. This speaks to the importance of what we’re doing: Businesses are generating more and more data, both user- and machine-generated, and it has become a strategic imperative for them to get value out of these assets. Our investors recognize the value we’re providing and the rapid market traction we’re seeing, and they want to help us scale as quickly as possible.”
With this third funding round in two years Elasticsearch has guzzled up a total of US$104 million from its investors. Still US$6 million shy of fellow Dutch startup giant Takeaway (US$110m total raised) the search firm has taken hold of the second position in largest amount of funding for a Dutch startup to date.
Born as a search company, Elasticsearch now offers a full technology solution, enabling the extracting for meaningful insights, in real-time from large amounts of data. The company plans to use its funding to accelerate global awareness of its solutions, drive continued product development, and expand its sales organization worldwide.
“We’ve been watching Elasticsearch, and the response from both developers and customers is truly impressive,” said Harry Weller, General Partner at NEA. “It’s rare to see a company not only get developers excited by their technology, but also sell successfully into the enterprise, and we see massive opportunities on an even broader scale. We hope to provide resources and guidance to help Elasticsearch continue down this path, delivering on the promise big data companies have been dancing around for years.”
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