Monte Carlo sells data observability software to other companies. The company reported that it has more than doubled revenue every single quarter since its Series C, delivering an 800% year-over-year revenue increase. Most growth currently comes from new customer adds, though net retention is showing early, healthy signs. After its August 2021 Series C the company spent aggressively but still had cash in the bank when the latest round closed. Monte Carlo says it will invest the new capital across engineering, data, product, and go-to-market. About two-thirds of its business is in the U.S., roughly one-third is from the Middle East/North Africa, and the company sees similar demand patterns between Europe and the U.S. Monte Carlo builds data-observability software that monitors data inflows, detects errors and divergences from historical patterns, and alerts customers to faulty inbound sources to protect downstream analytics. The company says it doubled ARR in each of the last four quarters, scaling ARR roughly 8x from summer 2020 to summer 2021. Monte Carlo has raised $101 million to date and reportedly has north of $70 million in cash on hand. The company did not need the capital but pursued the round to accelerate growth. With the new funding it plans to hire more staff, build more product, support additional use cases and enter new markets. CEO and co-founder Barr Moses said investor interest enabled the raise while the company still held the majority of its Series B proceeds. Monte Carlo builds a data observability service that monitors companies' incoming data flows to detect issues before data is stored or analyzed. Its platform evaluates freshness, volume, schema, distribution and lineage to identify non-standard or broken data inflows. The product learns from a customer's specific data pipelines; Monte Carlo says deployment can take about an hour and a week for the system to learn. The company positions itself upstream of data warehouses and analytics tools to ensure downstream reliability. Co-founder and CEO Barr Moses leads the company as it targets mid-market and enterprise customers. With a staff of roughly 25 employees, Monte Carlo plans to expand its team following the recent fundraise.

Total raised

$220M

Funding rounds

3

Latest round

Series D

Latest activity

May 2022