Manchester data firm completes £27m funding round

A firm which specialises in data transformation software for cloud data warehouses  has completed a £27m round of funding.

The investment will allow Manchester based Matillion to speed up its growth plans.

Battery Ventures led the funding round, bringing Matillion’s total funding to-date to £47m.

Existing investors, Sapphire Ventures and Scale Venture Partners also participated.

Demand for Matillion’s data transformation software, purpose-built for the cloud, saw the company to deliver triple-digit revenue growth in 2018 for the third consecutive year.

The new investment, based on Matillion’s sustained success, accelerates the company’s expansion both within and well beyond its native-built solutions for CDWs.

“It’s our view that every company in the world needs to compete using data,” said Matthew Scullion, chief executive at Matillion.

“And most of the time they’ll do this in the cloud. Only the cloud offers the speed, agility, power, and economics to cope with this demand for data insights, and to manage the exponentially growing data volumes and complexities that we work with today.

“As the leader in purpose-built data transformation software for cloud data warehouses, Matillion is perfectly positioned to help our customers compete and win using data.

“That’s why we’re so excited to raise this round, partner with the great team at Battery Ventures, and to once again accelerate our business and the development of our current and future products.”

“Matillion has built an innovative, cloud-native, data-middleware product from the ground up, and the company partners with some of the fastest-growing cloud-data warehousing platforms that enterprises are deploying today,” said Dharmesh Thakker, general partner at Battery Ventures.

“Battery is focused on such cloud-first businesses worldwide – including in Europe – as enterprise IT shifts to the cloud, and the ability to analyze data underpins the digital-transformation process at all companies. We’re excited to partner with Matthew and the Matillion team to help drive the next phase of the company’s global growth.”

“Matillion has established itself as an essential component to the modern enterprise’s data analytics tech stack,” said Denise Persson, CMO at Snowflake.

“Our shared focus on innovation has made us great partners, and this latest investment reinforces Matillion’s leadership in cloud-native solutions for data transformation. We’re excited to see them continue their growth trajectory as they advance their industry-leading technology to serve our joint customers.”

Matillion’s software allows users to extract data from a wide number of sources, load it into their chosen cloud data warehouse, and transform that data from its siloed source state, into useful, joined together, analytics-ready data – ready to be consumed in analytics, machine learning and artificial intelligence use cases.

Matillion’s software is used by more than 550 customers across 40 countries, including global companies such as Bose, GE, Siemens, Fox and Accenture, as well as high growth, data-centric companies like Vistaprint, Splunk, and Zapier.

National law firm Shoosmiths advised Altrincham-based Matillion on the deal.

Co-founded by chief executive Matthew Scullion in 2011 alongside chief technology officer Ed Thompson and commercial director Peter McCord, Matillion has developed leading-edge software focused on allowing its customers to analyse huge amounts of data stored in the cloud.

Its revenues have grown by more than 100% over the last three years.

Shoosmiths’ corporate partner Karen Procter, said: “Matillion is a truly exceptional business – as is evidenced by a successful second major institutional funding round inside 12 months from US investors.

“We were delighted to once again work with Matthew and his entrepreneurial team and look forward to seeing this Manchester company hit even greater heights.

“Despite ongoing Brexit-related uncertainty, global-facing regional technology businesses like Matillion will continue to attract investment, which is good news for our economy.”

Based in Manchester and Denver, Colorado, Matillion also has offices in New York City and Seattle.