CData Software raises $350 mln in Warburg Pincus-led funding
Technology
CData Software raises $350 mln in Warburg Pincus-led funding
(Reuters) - Data connectivity solutions provider CData Software said on Wednesday it had raised nearly $350 million in growth equity financing led by US private equity firm Warburg Pincus.
North Carolina-based CData did not disclose its valuation, but a source close to the funding round said it was more than $800 million. Venture capital firm Accel also participated.
CData told Reuters it is growing by more than 40% year-on-year and expects to reach about $100 million in annual recurring revenue (ARR) by the end of 2024, drawing renewed interest from investors in funding fast-growing software companies.
Founded in 2016, CData offers self-service data products and connectivity solutions that enable access to real-time data from both on-premises and cloud applications.
The firm plans to use the cash to accelerate investments in operations, product development and its go-to-market strategy.
Updata Partners, a technology-focused growth equity firm in Washington D.C. that invested $140 million in CData in 2021 and $20 million in 2020, will remain a significant investor.
