Final round of funding is expected to take company to cash flow positive
Couchbase, the database for the Digital Economy, today announced it has secured $30 million in a series F round of funding led by Sorenson Capital with current investors participating in the round, including Accel Partners, Adams Street Partners, Ignition Partners, Mayfield Fund, North Bridge Venture Partners and West Summit. This capital will be used to accelerate sales, and expand technical support and engineering investments as Couchbase extends its leadership as the de facto standard operational database for Digital Economy businesses.
“Our business, built on customers focused on winning in the Digital Economy, is very strong. This funding round will take us to cash flow positive and should be our last round prior to an IPO,” said Bob Wiederhold, Couchbase CEO. “To be successful in the Digital Economy, businesses need to build great Web, mobile and IoT applications that deliver great user experiences that critically depend on the capabilities of the underlying operational database. Developers, architects and CIOs across every industry realise this, and are selecting Couchbase over our competitors as their operational database for modernising their technology platforms.”
Digital Economy Drives Operational Database Market Growth
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A recent report by 451 Research shows the operational database market is expected to reach almost $50 billion by 2019*. Companies adapting to the Digital Economy are driving this growth. Whether established leaders launching new Digital Economy businesses or startups building from scratch, Digital Economy businesses are choosing NoSQL technology like Couchbase as the platform for their Web, mobile and IoT applications.
Technology that supports Digital Economy businesses is being adopted at different rates. Couchbase views the Digital Economy in four categories: Digital Startups, Digital Leaders, Digital Transformers and Digital Laggards.
Couchbase is uniquely positioned to become the operational database of choice for the Digital Startups, Digital Leaders and Digital Transformers. It is the only NoSQL database architected to consolidate multiple layers of functionality delivering the simplicity, speed and performance of a key value database, the flexibility of a document database, the ultra-low latency of a cache, and end-to-end mobile support with on-device storage and synchronisation.
Couchbase Investment Is Technology Growth Opportunity
Sorenson Capital led the recent funding round and is a new investor in Couchbase. This investment underscores Sorenson Capital’s increasing focus on technology-based growth investment opportunities across new and emerging sectors. Last year, it added technology and growth equity veteran Rob Rueckert to lead and further expand its technology practice. Rueckert will join the Couchbase Board of Directors.
“Couchbase is transforming the way companies do business in the Digital Economy,” said Rueckert. “Using a high performing database as capable as Couchbase, businesses can deliver great customer experiences. Companies like AT&T, Walmart, Dixons and Nike are just a few of the industry leaders using Couchbase to redefine how they engage with customers in their Digital Economy businesses. This blue chip customer list indicates the high level of interest in Couchbase and the momentum they are experiencing. They are a great addition to our portfolio.”