dbt Labs

dbt Labs, originally named Fishtown Analytics, builds dbt (data build tool), software that lets analysts and data engineers transform data already loaded into a cloud warehouse by writing SQL select statements, with version control, testing and documentation borrowed from software engineering. The open source dbt Core is free, and the company sells a hosted product, dbt Cloud. Tristan Handy, previously VP of Marketing at RJMetrics, started Fishtown Analytics in Philadelphia in 2016 as an analytics consultancy, building dbt on work begun at RJMetrics. The company later took the dbt Labs name, and in January 2025 it acquired SDF Labs, a Seattle SQL compiler startup.

Before raising institutional capital the company took only a small SAFE from Amplify Partners. In April 2020 Andreessen Horowitz led a $12.9 million Series A, with general partner Martin Casado joining the board; Forbes, citing PitchBook, put that round's valuation at $48 million. In November 2020 Sequoia Capital led a $29.5 million Series B with Andreessen Horowitz and Amplify Partners. In June 2021 the company raised a $150 million Series C at a $1.5 billion valuation, led by Altimeter with Sequoia and Andreessen Horowitz, bringing total funding to $192 million. In February 2022 Altimeter led a $222 million Series D at a $4.2 billion valuation, with Amplify Partners, Andreessen Horowitz and Sequoia participating. Forbes had reported a target of at least $6 billion; Handy cut it after technology stocks fell in January 2022.

At the Series D, about 9,000 companies used open source dbt and more than 1,800 paid for dbt Cloud, and revenue had grown sixfold in 2021. On October 13, 2025 Fivetran agreed to merge with dbt Labs in an all stock deal, with Fivetran CEO George Fraser leading the combined company and Handy as president. The parties said the combined business would approach $600 million in annual recurring revenue. The merger closed on June 1, 2026, and the company operates as Fivetran + dbt Labs, serving more than 100,000 data teams. Terms beyond the all stock structure were not disclosed.

dbt Labs shows a community-first open source company converting usage into venture rounds quickly. Amplify Partners entered with a SAFE before any priced round, Andreessen Horowitz led the first institutional round at a $48 million valuation, and the valuation reached $4.2 billion less than two years later. The exit came through a stock merger with another private company rather than an IPO or cash sale, so early holders received shares in the combined company and have not reached a cash liquidity event.