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PremjiInvest leads $103m funding in US data platform provider Looker | #VentureCanvas

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Pramugdha Mamgain | DealStreetAsia – VC

California-based data platform provider Looker on Thursday announced that it has closed a Series E financing round of $103 million led by India’s PremjiInvest, the family office of Wipro chairman Azim Premji.

The deal marks Premji’s fourth disclosed investment in a US startup this year.

The round saw new investment from Cross Creek Advisors and participation from Looker’s current investors, the startup said in a statement. A TechCrunch report said that the funding was raised at a valuation of $1.6 billion.

Looker has raised a total of $280.5 million in funding since 2013.

Looker consolidates fragmented data tools, from data preparation to visualisation and cataloging to governance, into a single unified platform that accelerates time-to-insight. Utilising a simple SaaS approach that leverages fast cloud databases, Looker allows any organisation to extract value from their data at web scale.

“We built a new platform for data that greatly simplifies the data supply chain, so organizations can extract value from their data more quickly. We are pleased to have Premji and Cross Creek invest in Looker and in our vision to bring a new class of data platform to companies around the world,” said Frank Bien, CEO of Looker.

The startup claims that in 2018 its revenue grew 70 per cent year-over-year, and it added almost 500 new customers, including Cisco, ESPN, Marks and Spencer Plc, Trivago, Adyen, and Live Nation Entertainment, among others. Looker also expanded its employees base by 200, taking the total count to 600 across seven offices in 2018.

Earlier this year, the startup expanded operations into Tokyo to support current customers in the region and drive growth across Asia-Pacific.

PremjiInvest, which started out in 2006 with a corpus of $1 billion, now reportedly has at least $3 billion worth assets under management. After backing companies like Snapdeal and Myntra in the online retail space in 2014, it turned its focus towards the US market. It participated in a $300-million Series B funding round of Devoted Health, a Waltham, Mass.-based insurance startup in October.

The Indian investor led a $100-million Series D round in e-commerce fraud-prevention company Signifyd, as per an August announcement. YapStone, a global payments platform for large marketplaces, raised $71 million at the first close of its Series C funding round led by PremjiInvest in February.

Its other US investments include enterprise planning cloud firm Anaplan, Zuora, which offers subscription billing, commerce and financial solutions, ServiceMax, a provider of cloud-based field service management solutions, payments firm Yapstone, and database management company DataStax.

Also Read:

PremjiInvest backs US startup Devoted Health’s $300m Series B round

PremjiInvest leads $100m funding round in US fraud-prevention startup Signifyd

The post PremjiInvest leads $103m funding in US data platform provider Looker appeared first on DealStreetAsia.

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Source: PremjiInvest leads $103m funding in US data platform provider Looker

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