Get the Marshmallows Ready
The balance in our bank account went up this week. In fact, it went up by $26 million. This came from an investment made by our existing investors and led by Sequoia Capital and additionally included Hummer Winblad and DAG Ventures. Sequoia’s investment came from their Growth Fund. Why do I call this out? I do so because their original investment a few years back came from their Venture Fund and like Birst, our funding sources are “growing up.” The Growth Fund invests in established companies who are driving revenue, scaling their operations and have proven business models. It’s not for start-ups who are trying to get off the ground. The former, and not the latter, describes exactly where Birst is in 2012.
There’s a lot of attention being paid to the funding announcement we made today. TechCrunch wrote an article as did GigaOM, WSJ’s All Things D, and a number more. Yes, it’s a big sum of money and yes, Birst is in a space that is considered red hot, but what Birst has set out to do and what it has been successfully executing on for seven years is to build a company for the long haul—one that is built on innovation, delivering real value to our customers, and providing a stimulating environment in which to work. Our larger bank account now allows us to continue to do this more quickly. Our new funding will help us grow our operations further building out development and our go-to-market teams, growing our partner ecosystem and establishing an increased presence outside of North America. The funding thus becomes an accelerant; something that can be poured on a flame that is already burning well by itself, with the opportunity to turn it into a bonfire. The refrain being heard in the office now is, “Grab the marshmallows!”
Welcome to the Real World