10gen Raises $42 Million Financing Round Led by New Enterprise Associates
NEW YORK, NY and PALO ALTO, CA, May 29, 2012 (MARKETWIRE via COMTEX) -- 10gen, the company behind MongoDB, today announced it has secured $42 million in financing, led by New Enterprise Associates, with participation from existing investors Sequoia Capital, Flybridge Capital Partners and Union Square Ventures. The company will use this financing to invest in product development for MongoDB and the MongoDB Monitoring Service (MMS) and to better support its rapidly growing community and user base worldwide.
MongoDB is the dominant NoSQL database, with top enterprises in Telecommunications, Financial Services, Media, Government and Technology standardizing on MongoDB. The company has experienced tremendous traction in the market with 50% quarter over quarter sales growth for the past five quarters. 10gen has grown its team over 400% since January of 2011 and continues to invest strongly in technology with the majority of its 130 employees in the Technology team.
"We want to change the database market, to make MongoDB the best way for companies to build new applications," said Dwight Merriman, CEO of 10gen. "Our goal is to give tech teams not only a database that scales to any big data level required but also helps developers be productive and more nimble. That has been the vision of the MongoDB open source community and we want to continue to help make that happen."
"I've had my eye on 10gen and their amazing trajectory for several years. They've solidified themselves as the dominate player in the NoSQL market and a real disrupter in the database space in general," said Harry Weller, general partner at New Enterprise Associates. "The NoSQL market is exploding and we see MongoDB becoming the de-facto database for both Web 2.0 companies and large enterprises. We see nothing but continued growth for the company and the MongoDB community."
-- Investors include New Enterprise Associates, Sequoia Capital, Flybridge Capital Partners and Union Square Ventures. -- $42 million in new funding brings the total raised since the company's inception to more than $73 million.
10gen is hiring!
Interested in joining the 10gen team to build the next revolution in database technology? Numerous positions are open in 10gen's offices around the world including California, Dublin, London, New York and Sydney. Visit the 10gen career page for more information on open positions and working with the vibrant community around MongoDB.
10gen initiated the MongoDB project and continues to be the primary contributor and continual sponsor of MongoDB, offering production support, training, consulting and online management services for the database. Thousands of leading Web 2.0 companies as well as Fortune 500 enterprises have adopted MongoDB. 10gen is funded by Flybridge Capital Partners, New Enterprise Associates, Sequoia Capital and Union Square Ventures. For more information, visit www.10gen.com or www.mongodb.org
NEA is a leading venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With about $11 billion in committed capital, the firm invests in information technology, healthcare and energy technology companies at all stages in a company's lifecycle, from seed stage through IPO. NEA's long track record of successful investing includes more than 170 portfolio company IPOs and more than 290 acquisitions. For additional information, visit www.nea.com .
About Sequoia Capital
Sequoia Capital provides venture capital funding to founders of startups who want to turn business ideas into enduring companies. As the "Entrepreneurs Behind the Entrepreneurs", Sequoia Capital's Partners have worked with innovators such as Steve Jobs of Apple Computer, Larry Ellison of Oracle, Bob Swanson of Linear Technology, Sandy Lerner and Len Bozack of Cisco Systems, Dan Warmenhoven of NetApp, Jerry Yang and David Filo of Yahoo!, Jen-Hsun Huang of NVIDIA, Michael Marks of Flextronics, Larry Page and Sergey Brin of Google, Chad Hurley and Steve Chen of YouTube, Dominic Orr and Keerti Melkote of Aruba Networks, Tony Hsieh of Zappos, Omar Hamoui of Admob, Steve Streit of Green Dot and Reid Hoffman and Jeff Weiner of LinkedIn. To learn more about Sequoia Capital visit www.sequoiacap.com/us .
About Flybridge Capital Partners
Flybridge Capital Partners is an early-stage venture capital firm whose mission is to assist entrepreneurs in growing innovative, global companies. With $560 million under management, the firm is focused on seed and early-stage investing in technology markets and is led by a team with domain expertise and more than half a century of combined experience in venture capital. The firm has invested in over 60 companies including 10gen, Brontes Technologies (acquired by 3M), Cartera Commerce, DataXu, Digital Lumens, Open English, Reveal Imaging (acquired by SAIC) and ZING (acquired by Dell). For more information, visit www.flybridge.com or follow us on Twitter @flybridgecap.
About Union Square Ventures
Union Square Ventures is an early stage venture capital firm located in New York City. USV invests in web-based services that disrupt markets by capitalizing on ubiquitous connectivity and innovative business models.