Next-gen database innovator MongoDB revealed earlier this week that it had secured $80 million in fresh Series G funding. The round was led by an undisclosed sovereign wealth fund, with participation from Goldman Sachs and existing investors Altimeter Capital, NEA, Sequoia and funds managed by T. Rowe Price Associates. The round brings their total financing received till date up to 311 million dollars.
MongoDB’s President and Chief Executive, Dev Ittycheria said: “There’s a massive secular trend going on in the marketplace with the scale of data being consumed, the unstructured nature of data, the requirements to always be on and never offline.”
“Most developers and IT organizations today realize that modern applications can’t be built on a [database] architecture that was built over 40 years ago,” he added.
Wall Street Journal further reveals- citing knowledgeable sources- that MongoDB is now valued by venture capitalists at $1.6 billion after raising the new funding. Funding will be used for business development as the company shows no signs of going public.
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With intentions to race past competitions from peer startups as well as industry veterans, MongoDB claims 2000 customers including 34 of the Fortune 100, and a workforce of 400 which also saw an expansion in the management team as Carlos Delatorre joined as the Chief Revenue Officer coming over from Clearside.
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(Image credit: Garrett Heath, via Flickr)