MongoDB Raises $150 Million In VC Funding
MongoDB has raised $150 million in funding with a $1.2 billion valuation. This makes MongoDB the most valuable Internet startup in New York, according to Bloomberg. New investors that participated in this deal includes EMC Corp. and Salesforce.com. Previous investors that participated in this round includes Red Hat, Intel, New Enterprise Associates, and Sequoia Capital. T. Rowe Price Group and Altimeter Capital were also part of this round as first-time investors. MongoDB has now raised over $231 million.
“We’re picking up an increasing share of the market and over time that could become a really significant share,” stated MongoDB Chief Executive Officer Max Schireson. “The volume and type of data and the consumer and developer expectations are so radically different than they were when the relational database was invented.”
MongoDB is a global database company that is seeing their salesforce and total employee count double every year. Since their software has a lower price than Oracle Corporation, they are seeing a lot of growth.
The founders of MongoDB are Dwight Merriman and Eliot Horowitz. The two of them created the NoSQL database because of the frustration of having to build specialized systems to handle the needs of their company. The two of them built NoSQL while working at Google’s DoubleClick.
MongoDB now has 600 customers such as Goldman Sachs and MetLife. MongoDB’s software is easier to scale up than other database software.
MongoDB used to be known as 10Gen. MongoDB sells their database technology for a subscription at around $5,000 per server per year.