(Bloomberg) -- Data integration startup Fivetran is now valued at $5.6 billion following a new investment and an acquisition. 

The company said it raised $565 million in a round led by venture firm Andreessen Horowitz. Fivetran, based in Oakland, California, also acquired HVR, a provider of enterprise data replication technology, in a $700 million cash-and-stock transaction.

Following a $100 million funding round in June 2020, Fivetran was valued at $1.2 billion, according to data provider PitchBook. The new valuation includes the combination with San Francisco-based HVR.

The funding round included existing investor General Catalyst, as well as new investors Iconiq Capital and YC Continuity, among others. Fivetran has raised a total of $1.2 billion to date. 

Fivetran’s customers include companies as varied as Square Inc., DocuSign Inc., Conagra Brands Inc. and Forever 21 Inc. which use its platform to centralize and analyze data more efficiently.

With the acquisition of HVR, Fivetran will have more than $100 million in annual revenue, Chief Executive Officer George Fraser said in an interview. Fivetran bought HVR because “having one vendor that can handle all the data sources is a great thing,” he said.

Fivetran could go public in two years “as long as we keep executing,” Fraser said.

The shift to remote work helped Fivetran grow, Andreessen Horowitz general partner Martin Casado said in an interview.

“If there was a company that wasn’t thinking about cloud and digitization before Covid, they absolutely started thinking about it,” Casado said.


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