Big data provider MongoDB secures $150 million in funding

MongoDB, a big data technology company, has secured $150 million in financing, marking the largest single funding round for any database vendor, NoSQL or otherwise.

The funding was led by a global financial services company and by certain funds and accounts advised by T. Rowe Price Associates, with additional new investors Altimeter Capital and salesforce.com.

The round also includes participation from existing investors Intel Capital, NEA, Red Hat and Sequoia Capital.

mongodbThe company will use these funds to further invest in the core MongoDB project as well as in MongoDB Management Service, a suite of tools and services to operate MongoDB at scale.

Additionally it will extend the capabilities to support its growing user base throughout the world.

“Adoption of MongoDB has grown explosively over the last few years,” said Max Schireson, CEO at MongoDB. “This funding will allow us to continue to invest in the technology and the global operation our customers require.”

According to Schireson, building the product and company to bring greater agility and scalability to how organizations manage data will require a large and sustained investment.

NEA first invested in the company after realizing its potential to transform how data is managed in the enterprise and disrupt one of the largest markets in technology. Since then the growth of the user base, product maturity and team has exceeded their expectations.

“MongoDB establishes itself as the database of the future, with by far the strongest product, community, team and financial backing in the industry, “said Luis Robles, Venture Capitalist at Sequoia Capital.

“They are in a very large and competitive market, but they have all the ingredients to be big winners and we are delighted to be their business partners,” Robles added.

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