Elasticsearch closes $24 million Series B four months after $10 million Series A

Index Ventures has closed its second deal in as many days by backing Dutch business Elasticsearch.

A Series B funding round worth $24 million (£15.5 million) has been secured by Elasticsearch, a real-time search and analytics open source business.

The transaction has been led by Mike Volpi, partner at Index Ventures, and has also seen contributions come from Benchmark Capital and new investor SV Angel.

Elasticsearch was first backed in November 2012 when an investment team of Benchmark Capital, Data Collective and Rod Johnson injected $10 million into the business through a Series A round.

Amsterdam-based Elasticsearch aids businesses by allowing them to pull out information from big distributed volumes of structured and unstructured data.

To coincide with the transaction, Elasticsearch has also announced that it has passed the two million downloads mark.

The $24 million of funds will be used to attract what it calls ‘top talent’ to cater for customer demand.

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Shay Banon, chief technology officer and founder of Elasticsearch, comments, ‘What we see today is that search has become the main driver for data exploration.

‘Real-time, free-text speech, structured search and analytics have become the information backbone for organisations everywhere.’

The company’s CEO and co-founder, Steven Schuurman, says that the investment round frees Elasticsearch to execute on its ‘vision’, whilst also adding an invaluable member to the team in Volpi.

Volpi of Index Ventures says, ‘We were pretty excited when we saw what Shay and his team had built. But, we got even more excited when we saw the team around Shay.

‘We haven’t seen momentum like this for an open source project in quite some time – which is quite exciting.  But, perhaps even more so, is the vision of Elasticsearch.’

‘As an early investor in Google,’ SV Angel founder Ron Conway adds, ‘I know how transformative search can be. Elasticsearch is bringing the power of that kind of search to companies every day, helping them analyze and understand their own data quickly and easily.’

Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for GrowthBusiness.co.uk from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.