Couchbase Closes Series D Funding Round
Sep 03, 2013 (Close-Up Media via COMTEX) --
Couchbase, a provider of NoSQL database technology and the company behind the Couchbase open source project, announced that it has closed a $25 million Series D funding round led by Adams Street Partners and joined by existing investors Accel Partners, Mayfield Fund, North Bridge Venture Partners, and Ignition Partners.
In a release on Aug. 28, the Company said that the financing comes after explosive growth in 2013 with sales growing by more than 400 percent and several high-visibility competitive wins at enterprise accounts. Couchbase will use the funds to further expand international sales and marketing operations and support key strategic product initiatives, which will be announced in the coming weeks.
-The funding comes on the heels of the release of Couchbase 2.0 in December 2012. The release added document database features as well as cross data center replication and achieved immediate success among Internet companies and enterprises.
-The successful financing reflects a more than 400 percent increase in sales in 2013 including many wins that involve broad deployments of mission critical enterprise applications.
-Building upon the success of Couchbase Server 2.0, Couchbase will use the new funding to accelerate the delivery and adoption of major new innovative products, including ones that will be announced in the coming weeks.
-Couchbase will also use the funding to expand its local presence in North America, Europe, Israel, Japan, and Korea and open offices in China, India, Brazil, and Argentina.
"Since the 2.0 release of Couchbase last December, Couchbase's growth has been remarkable," said Robin Murray, general partner of Adams Street Partners. "The delivery of document database extensions and cross data center replication features together with existing leadership in scalability and performance has allowed them to win big orders at many high profile enterprise accounts and immediately attracted our attention."
"Databases are serious business. Now that enterprises are rapidly adopting NoSQL, the cute and cuddly starter technologies have become exposed," said Kevin Efrusy, Partner at Accel. "Couchbase is rapidly separating themselves from the rest of the pack through its foundation as a scale architecture, constant innovation, and an ability to deliver the support services enterprises require. We are thrilled to be working with the Couchbase team."
"We have seen a significant increase in the adoption of NoSQL by enterprises," said Bob Wiederhold, CEO of Couchbase. "They are doing deep strategic evaluations of NoSQL technologies and our leadership in providing easy scalability, consistently high performance, and cross data center replication has allowed us to consistently win these evaluations. This funding will allow us to rapidly expand the number of enterprises we serve around the world."
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