MongoDB has successfully raised $306.1 million over 7 funding rounds, establishing itself as a significant player in the database industry. The platform offers a versatile developer data solution, widely recognized for its reliability and scalability.
Keep reading to explore the intricacies of MongoDB's fundraising journey and the investors backing this innovative platform.
What Is MongoDB?
Founded in 2007, MongoDB is headquartered in New York City. The company was established by Eliot Horowitz, Dwight Merriman, and Kevin Ryan.
MongoDB offers a versatile developer data platform, known for its document database that supports modern applications. The platform includes a multi-cloud database, search capabilities, and tools for stream processing.
With a workforce of 1001-5000 employees, MongoDB serves over 15,000 customers in more than 100 countries. The company is publicly traded and continues to innovate in the database industry.
How Much Funding Has MongoDB Raised?
- Series A
- Amount Raised: $3 million
- Date: October 2008
- Lead Investors: Flybridge Capital Partners
- Motivation Behind the Round: To develop the initial version of the MongoDB database.
- Series B
- Amount Raised: $8 million
- Date: July 2010
- Lead Investors: Sequoia Capital
- Motivation Behind the Round: To expand the engineering team and accelerate product development.
- Series C
- Amount Raised: $20 million
- Date: March 2011
- Lead Investors: Sequoia Capital
- Motivation Behind the Round: To scale operations and support a growing customer base.
- Series D
- Amount Raised: $42 million
- Date: May 2012
- Lead Investors: New Enterprise Associates (NEA)
- Motivation Behind the Round: To enhance the MongoDB platform and expand globally.
- Series E
- Amount Raised: $150 million
- Date: October 2013
- Lead Investors: T. Rowe Price Associates, Inc.
- Valuation at Round: More than $1 billion
- Motivation Behind the Round: To invest in R&D, global operations, and support the growing user base.
- Series F
- Amount Raised: $80 million
- Date: January 2015
- Motivation Behind the Round: To compete with established companies and startups in the database market.
- IPO
- Amount Raised: $192 million
- Date: October 2017
- Motivation Behind the Round: Transition to a publicly traded company.
Total Amount Raised: $495 million
Current Valuation: More than $1 billion (~estimated)
Key Investors
- T. Rowe Price
- Details: T. Rowe Price is a global investment management firm offering mutual funds, subadvisory services, and separate account management for individuals, institutions, retirement plans, and financial intermediaries.
- Investment Focus Areas: Equities, fixed income, multi-asset investments
- Notable Investments: Amazon, Google, Facebook
- Fidelity Investments
- Details: Fidelity Investments is one of the largest asset managers in the world, providing investment management, retirement planning, portfolio guidance, brokerage, and many other financial products and services.
- Investment Focus Areas: Mutual funds, ETFs, retirement services
- Notable Investments: Tesla, Apple, Microsoft
- Sequoia Capital
- Details: Sequoia Capital is a venture capital firm that has funded companies that now control $1.4 trillion of combined stock market value.
- Investment Focus Areas: Technology, healthcare, consumer
- Notable Investments: Apple, Google, LinkedIn
- New Enterprise Associates (NEA)
- Details: NEA is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors, and geographies.
- Investment Focus Areas: Technology, healthcare, energy
- Notable Investments: Coursera, Duolingo, Robinhood
- Intel Capital
- Details: Intel Capital is the corporate venture capital arm of Intel Corporation, investing in innovative startups and companies worldwide.
- Investment Focus Areas: Technology, innovation, AI
- Notable Investments: Cloudera, VMWare, Red Hat
What's Next for MongoDB?
MongoDB stands at the cusp of significant opportunities, driven by the growing demand for agile and scalable data management solutions. With substantial investments in R&D and global operations, the company is well-positioned to further develop its core projects and expand its support for a rapidly growing user base. The database market's competitive landscape, featuring both established companies and new startups, presents a vast arena for MongoDB to assert its dominance.
Future fundraising opportunities seem promising, given the company's track record of attracting substantial investments from prominent public market investors. However, MongoDB will need to navigate challenges such as sustaining growth, meeting the high expectations of its expanding user base, and maintaining its market leadership. The company's ability to continue innovating and investing in technology will be crucial in overcoming these hurdles and capitalizing on the opportunities ahead.
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