MongoDB Gets $80 Million New Funding

Date 2015/1/13 10:33:28 | Topic: Company News

MongoDB has announced that the company has secured an additional $80 million in funding from prominent institutional investors and investment funds in December. A sovereign wealth fund led the round, with participation from Goldman Sachs and from existing investors Altimeter Capital, NEA, Sequoia and funds managed by T. Rowe Price Associates, Inc. MongoDB has attracted a total of $311 million from investors, positioning it as the best capitalized next-generation DBMS company in the world. With more than 2,000 customers and 9 million downloads, MongoDB is the world's fastest growing database.
"The market has reached a tipping point where most developers and IT organizations realize that modern applications cannot continue to be built on relational database technologies. They are shifting to MongoDB in a big way. MongoDB was designed to make it easy to develop applications that require rapid change, massive scale, always-on operation, and support for a large variety of unstructured and semi-structured data, all at significantly lower costs," said Dev Ittycheria, President and CEO of MongoDB. "Our investors, who represent some of the smartest and most successful technology investors in the industry, understand this major secular trend. These additional funds mean we can further accelerate the delivery of world-class DBMS technology while scaling the business to meet the needs of our users and customers globally."

MongoDB is now used by over 2,000 customers, including 34 of the Fortune 100 and many other companies known for their technology sophistication, including Adobe, ADP, Amazon, AT&T, Bosch Software Innovations, Buzzfeed, Cisco, Craigslist, Dropbox, eBay, eHarmony, Expedia, Foursquare, Facebook's Parse, Forbes, The Gap, Gilt Groupe, Goldman Sachs, Gov.UK, Intuit, McAfee, MetLife, MTV, O2, Salesforce, Shutterfly and Under Armour.

"MongoDB has created a compelling and rapidly growing business by re-imagining an outdated way to manage data and build apps -- the relational database," said Harry Weller, general partner, NEA. "MongoDB's easy-to-develop-on database technology is transforming the way applications are built, enabling businesses to have a competitive advantage. This financing highlights the appeal of MongoDB's clear leadership in terms of product, revenues, customers, users and partners, as well as the trajectory of its growth."

This article comes from Software Development Tools

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