MongoDB dials up $150 million of funding to compete in crowded market

A raft of venture capital and corporate investors are combining to inject $150 million into database company MongoDB.


A raft of venture capital and corporate investors are combining to inject $150 million into database company MongoDB.

Firms including Sequoia Capital, Intel Capital and Salesforce.com are part of an investor team leading the largest single funding round for a database vendor.

US and Ireland-based MongoDB is the beneficiary and has now raised in excess of $230 million (£143 million) since the business was set up in 2007.

Also joining the $150 million round is funds advised by T. Rowe Price Associates, Altimeter Capital and existing backers NEA and Red Hat.

The new funds have been raised so that MongoDB can invest further in its self-entitled Management Service as well as grow further globally.

MongoDB has now closed six funding rounds, starting with a $1.5 million transaction led by Union Square Ventures in 2008. Further commitments worth $3.4 million in 2009, $6.5 million in 2010, $20 million in 2011 and $42 million in 2012 preceded its latest, and largest, deal.

Max Schireson, CEO at MongoDB, comments, ‘This funding will allow us to continue to invest in the technology and the global operation our customers require.

‘Building the product and company to bring greater agility and scalability to how organisations manage data will require a large and sustained investment.’

MongoDB has operations in New York, California, Dublin and Singapore, where its four headquarters reside, as well as offices in Atlanta, Barcelona, London, Sydney and Washington DC.

Luis Robles, venture capitalist at Sequoia Capital, adds, ‘With this round, MongoDB establishes itself as the database of the future, with by far the strongest product, community, team and financial backing in the industry.

‘They are in a very large and competitive market, but they have all the ingredients to be big winners and we are delighted to be their business partners.’

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.

Related Topics