I’m so excited to share that Cribl recently surpassed $200 million in annual recurring revenue! This milestone and our rapid growth comes down to one thing: Solving real problems for our customers. The more our customers partner with us and use Cribl products to simplify their telemetry data management, the more our business grows and the more milestones we’ll hit together. Thank you to our fantastic customers and partners who have helped us reach this point in our journey!
When Dritan, Ledion, and I started Cribl back in 2018, we knew customers wanted to decouple sources from destinations and get choice, control, and flexibility over their telemetry data. From the outset, things moved fast. We became one of the fastest companies ever to surpass $100M ARR in October 2023, reaching the feat behind only Wiz, HashiCorp, and Snowflake, and just ahead of Datadog. And now, we’ve doubled our ARR to $200M, growing more in the past 14 months than we did in the first four years as a company. We’re working with nearly half of the Fortune 100, including six of the 10 largest US banks. Our customers are using Cribl more and more, and we see this because we’ve more than doubled the number of users accessing our products every day over the past year. As our product suite has expanded, more customers are getting value from our full portfolio, with a 200% year-over-year increase in our multi-product customers. We also continue to expand with our customers, punctuated by a net dollar retention of over 130%.
So, how did we get here? There’s no single answer (if only it was that easy!). It all starts with our team truly embodying our Customers First, Always value. We are strategic partners for our customers along their journey to modernize their telemetry data management. We’re practitioners and know firsthand what our customers are experiencing. That’s why we build everything, from our products to our processes and teams, to help these unsung heroes make the most of their IT and security data.
But we’ve also taken a number of tactical steps over the past year to accelerate our growth and make things even easier for our customers. We launched Cribl Lake in April 2024, a turnkey data lake purpose-built for IT and Security. We moved beyond data collection, streaming, and searching to now include storage. With more than 50 customers already using Cribl Lake, we’re providing immediate value within just months of bringing a new product to market.
We always want to deliver more choice and flexibility and meet our customers where they’re at, no matter what solutions they use today or might adopt in the future. That’s why we launched the Cribl Technology Alliance Partner program in May 2024, deepening existing partnerships and creating new ones with the solutions most used by our customers. One of the most impactful developments was going live on Microsoft Azure Marketplace. Our customers told us they are using Azure more and more. We could see this growing demand in our own product analytics as four Azure destinations ranked among the fastest-growing in Cribl.Cloud. So we made it even easier for customers to take advantage of the Azure cloud platform. We also deepened our collaboration with AWS to ensure our customers always have the choice to use the platforms that work best for them, and brought new integrations with the most widely-used solutions like CrowdStrike, Wiz, and Deloitte.
In August, we closed our oversubscribed $319M Series E round, adding more fuel to our growth. We brought on great new investors like GV (Google Ventures) and CapitalG, and former GitLab CRO Michael McBride joined our Board of Directors, bringing a wealth of experience. We also added another key leader from GitLab as Mike Pyle, former VP of Worldwide Enterprise Sales at GitLab, joined us as CRO. Mike provides great leadership to our growing team, having previously scaled organizations from dozens of employees to hundreds through IPO, all while working with leaders across the globe. With over 800 employees globally, including goats joining us across North America, Europe, Australia, New Zealand, and beyond, we’re bringing local expertise and resources to meet our customers’ needs.
While we’ve hit several impressive milestones and positioned ourselves to extend our rapid growth, we’re still in the early innings. We see a lot more value to be unlocked in the telemetry data space as companies continue to grapple with this deluge of data. New use cases, new initiatives, and new architectures are on the horizon. And as companies, particularly the underserved IT and security data folks look to transform their data strategies, we see Cribl as core to their mission. As we enter the next phase of telemetry data management, we remain hyper-focused on innovating from first principles to meet our customers’ needs every step of the journey.
