SaaS startup Hevo Data has raised $30 Mn in a Series B funding round led by Sequoia Capital with participation from Qualgro, Lachy Groom, Chiratae Ventures, and some angel investors.
Founded by Manish Jethani and Sourabh Agarwal in 2017, Hevo is an automated self-serve no-code data pipeline platform that loads data from any source into warehouses like Snowflake, Google BigQuery, Amazon Redshift, and others.
The startup helps companies combine data from disparate sources and applications including CRM, advertising channels, martech, financial system software, and customer support products to allow companies to get up-to-date data in their warehouse.
Hevo plans to utilise the freshly infused funds towards scaling sales and marketing efforts, building new products and teams in the US and Europe.
“Our mission is to enable every company and every individual to unlock their true potential by leveraging data-driven decision-making. Traditionally, companies needed to build a large engineering team to solve this problem. Our no-code approach provides an easy to use solution which eliminates technical complexities, eliminating data silos within the companies”, said Manish Jethani, cofounder and CEO, Hevo Data.
“We are very well-capitalised but given the large market opportunity and the high growth momentum, from growing 500% in the past year, we received strong interest from the market and thus, decided to partner with Sequoia Capital India for our Series B,” he added, explaining the reason for raising funds.
Hevo supports more than 100 pre-built integrations across databases, SaaS applications, cloud storage, SDKs (software development kit) and streaming services. The startup claims that its product is so simple that even non-technical users can use its service.
It said it has customers from more than 40 countries including the North American, European, and APAC regions.
“The more mobile data becomes within organisations, the more useful it shall be. We are impressed by the product DNA of the company – the secret behind the widely loved product combines the duality of technical sophistication and consumer-grade experience,” Tejeshwi Sharma, MD, Sequoia India said.
The global market for data integration was estimated to be worth $8.1 Bn in 2020 and is projected to reach $17.1 Bn by 2026, growing at a CAGR of 13% over the analysis period.