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dbt Labs

Power everything in your business with high-quality, trusted, and reliable data

Philadelphia, PA

Founded 2016

Asset type

Mid-stage company

Industry

Data infra

Company size

101-500

Funds

Profiles

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dbt is the market leader in data transformation. It is a critical component of modern data infrastructure and enables a range of data-powered products from analytics to AI.

About dbt Labs

Why we invested

A best in class product that's central to our data infrastructure thesis
dbt is the fastest growing data and AI tool according to Databricks. Strong data infrastructure is a prerequisite to success in AI, and dbt is an essential part of modern data infrastructure
Used by >25k data teams including large enterprises like McDonalds, Nasdaq, and JetBlue

Investment overview

Last funding date: Feb 24, 2022
Valuation at last funding: $4.2B
Total funding amount: $222M

dbt Labs, through its product dbt (short for "data build tool"), enables data teams to transform data quickly and reliably with software engineering best practices. With dbt, data analysts and engineers can collaborate to transform, model, manage, test, and deploy data sets. dbt's open source project has become the de facto workflow platform for data practitioners at 25,000 companies to take raw data and refine it for analytics, product-oriented, and AI use cases.

dbt is among the most central businesses to our data infrastructure thesis. As an increasing number of companies integrate data more deeply into their workflows at greater scale and complexity, they start to experience issues with the manual, ad-hoc approach to legacy data transformations. With a clear market-leading solution to data transformation challenges, dbt stands to benefit from the secular tailwinds of broader data maturity. The rise of AI has only amplified this trend, summed up recently by Microsoft CEO Satya Nadella: "Every AI app starts with data, and having a comprehensive data and analytics platform is more important than ever." Companies can't have an AI strategy without a data strategy.

dbt's has a diverse range of customers from enterprises including McDonalds, Nasdaq, and Jetblue to fast-growing startups. The company is backed by the gold standard of venture capital firms and data infrastructure providers, including Sequoia, Andreessen Horowitz, Altimeter, Coatue, ICONIQ, Databricks Ventures, Google Ventures, and Snowflake Ventures.

Associated fund

Innovation Fund

Open Venture

Our Innovation fund is designed to deliver long-term growth from a diversified portfolio of technology companies. The fund is focused on investing in potentially high-growth private technology businesses. The Innovation fund takes a “multi-stage” approach, investing across the lifecycle of a private company – from early to late stage and continuing to hold after any potential IPOs. The fund invests across thematic sectors including artificial intelligence (AI) and machine learning (ML), data infrastructure, vertical and horizontal software, and other categories with attractive long-term growth potential.

ObjectiveAppreciation

Net asset value$361M

Inception dateJul 2022

An investment in the Fund is subject to, among others, the following risks:

Shares are not listed on any securities exchange and it is not anticipated that a secondary market for Shares will develop. Shares are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted under the Fund’s Limited Liability Company Agreement (the “LLC Agreement”). Although the Fund may offer to repurchase Shares from time to time, Shares will not be redeemable at a Shareholder’s option nor will they be exchangeable for Shares or shares of any other fund. As a result, an investor may not be able to sell or otherwise liquidate his or her Shares. Shares are appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment and for whom an investment in the Fund does not constitute a complete investment program.
If a Shareholder is able to sell its Shares outside the repurchase process, the Shareholder likely will receive less than the then-current NAV per Share.
There is no assurance that distributions paid by the Fund will be maintained at a certain level or that dividends will be paid at all.
The Fund’s distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment. Any capital returned to Shareholders through distributions will be distributed after payment of fees and expenses.
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Investing in Shares is speculative and involves substantial risks. You should purchase Shares of the Fund only if you can afford a complete loss of your investment.

Past performance does not guarantee future results. Current and future holdings are subject to risk. Returns of one company are not indicative of an investment in the fund. To obtain fund performance click here. The fund's most recent schedule of investments is available here.

Investors should consider the Fund’s investment objectives, risks, charges, and expenses before investing. This information is included in the Fund Prospectus and can be accessed by calling (202) 804-0023. Read the prospectus carefully before investing.

Fundrise Innovation Fund is the marketing name for Fundrise Growth Tech Fund, LLC. The Innovation Fund is publicly registered under the Investment Company Act of 1940 as a non-diversified, closed-end management investment company that is operated as a “tender offer” fund.

The Fund’s portfolio will be concentrated in securities issued by technology companies and other investments that provide economic exposure to technology companies and as such, it may be subject to more risks than if it were broadly diversified across additional sectors and industries of the economy. Certain technology companies may face special risks that their products or services may not prove to be commercially successful. Technology companies are also strongly affected by worldwide scientific or technological developments, and as a result, their products may rapidly become obsolete. The Fund’s investments in companies involved in, or exposed to, artificial intelligence-related businesses may be negatively impacted because of, among other things, limited product lines, markets, financial resources and/or personnel; intense competition and potentially rapid product obsolescence these companies may face; loss or impairment of intellectual property rights; and the inability to successfully develop products or services even after spending significant amount of resources.

The Fund’s investment in private company securities, whether made directly or indirectly (e.g., through derivatives or private pooled investment vehicles) are generally illiquid. Because private company securities are thinly traded, such securities may display especially volatile or erratic price movements, sometimes in response to relatively small changes in investor supply or demand or other market conditions.

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