Last week, ThoughtSpot announced its $100M Series F led by March Capital and joined by existing investors including Lightspeed Ventures, Snowflake, Khosla Ventures, Fidelity, Capital One Ventures, General Catalyst and Sapphire Ventures. In addition, we acquired a $40M secondary position. We at March Capital are thrilled to be working with an incredibly talented ThoughtSpot team to help the company realize new growth vectors as they expand upon their leadership position within Cloud Business Intelligence (BI) and Analytics.
March’s mission is to support exceptional teams who are building market-leading platforms and solving mission-critical problems for enterprises. ThoughtSpot checks all of these boxes.
BI & Analytics is one of the top priorities and categories of spend for enterprises across verticals. In fact, enterprises will spend more than $35B by 2024 to derive insights and to make smarter decisions from the growing amount of data they gather. The entire analytics ecosystem has undergone a massive shift over the last few years as companies not only moved their data to the cloud but also re-platformed their entire data stack to capitalize on the speed, scale, and flexibility that only this new cloud-first, API-connected stack can deliver.
Following the company’s shift to cloud in 2020, ThoughtSpot has emerged as the leader in cloud BI.
ThoughtSpot’s real-time analytics offering gives users across an enterprise an intuitive, interactive means to dive into their data to make smarter decisions – creating trillions of dollars in value for companies.
We have tracked ThoughtSpot closely for years and started building an initial position for one of our investors in 2019. Over the past several years, we were incredibly impressed by their foresight in recognizing the importance of cloud-first analytics and their leadership of the business through the transition to cloud. ThoughtSpot now boasts more than 100 cloud customers and generates more than half of its annual recurring revenue from cloud products – a milestone achieved in under two years. The company’s cloud ARR grew over 250% last year.
We believe Sudheesh, Mohit, Ajeet, Amit, and the entire ThoughtSpot team possess the expertise and vision to build a multi-billion platform. They have positioned ThoughtSpot as an integral part of the modern data stack through integrations and partnerships with leading players like Snowflake, Databricks, Amazon Web Services, Microsoft Azure, GoogleBigQuery, DataRobot, dbt Labs and more. We couldn’t be more excited to work alongside the ThoughtSpot team to accelerate the company’s growth and success.