- Couchbase, the creator of an enterprise-class multicloud-to-edge NoSQL database, announced it raised $105 million
Couchbase, the creator of an enterprise-class multicloud-to-edge NoSQL database, announced it raised $105 million all-equity Series G round of fundraising. This round of funding was led by GPI Capital and it also included oversubscribed participation from existing investors Accel, Sorenson Capital, North Bridge Venture Partners, Glynn Capital, Adams Street Partners, and Mayfield. And the proceeds from this financing will be used to expand product development and global go-to-market capabilities.
Over 500 enterprises — including over 30% of the Fortune 100 — rely on the Couchbase NoSQL database. And in its latest fiscal year, Couchbase delivered over 70% total contract value growth, 50%+ new business growth, and 35%+ growth in average subscription deal size. Plus the company has nearly $100 million in committed annual recurring revenue.
Couchbase is accelerating its trajectory and the company will use the funding to build further differentiation in already industry leading products and services while simultaneously expanding its customer facing operations. And the company will complement feature development in its best-in-class enterprise NoSQL server and mobile database platform with Couchbase Cloud, a fully managed Database-as-a-Service offering.
“To be competitive today, enterprises must transform digitally and use technology to get closer to their customers and improve the productivity of their workforces. To do so, they require a cloud-native database built specifically to support modern web, mobile, and IoT applications. Application developers and enterprise architects rely on Couchbase to enable agile application development on a platform that performs at scale, from the public cloud to the edge, and provides operational simplicity and reliability,” said Couchbase President and CEO Matt Cain. “More and more, the largest companies in the world truly run their businesses on Couchbase, architecting their most business-critical applications on our platform. This has become even more pronounced today as all companies are closely evaluating their digital strategies while carefully managing their capital allocation plans. Completing this funding round in the current climate is a testament to the importance of modern databases and the relevance of Couchbase as we continue our path to becoming a large, public company.”
This round of funding occurs at a time when companies across all industries are looking to increase their investment in solutions that enable powerful digital experiences for both employees and customers. And this reality is that the database market will undergo a generational market transition over the next many years. This market is already worth over $100 billion and the NoSQL database market is expected to grow at 32% CAGR from 2018-2023, according to 451 Research.
“We are excited to partner with Couchbase and view Couchbase Server’s highly performant, distributed architecture as purpose-built to support mission-critical use cases at scale,” added Alex Migon, Partner of GPI Capital and a new member of the company’s board of directors. “Couchbase has developed a truly enterprise-grade product, with leading support for cutting-edge application development and deployment needs. We are thrilled to contribute to the next stage of the company’s growth.”
As a distributed cloud-native database, Couchbase runs in modern dynamic environments and on any cloud, either customer-managed or fully managed as-a-service. And Couchbase is built on open standards, combining the best of NoSQL with the power and familiarity of SQL to simplify the transition from mainframe and relational databases.
“Having evaluated how companies innovate across a wide variety of industries and are increasingly turning to modern non-relational databases for their operational needs, we were pleased to see the increasing awareness of and growth acceleration at Couchbase. We look forward to serving as a partner to the company over the coming years,” explained Khai Ha, Partner at GPI Capital.
