MOUNTAIN VIEW, Calif. – August 28, 2013 – Couchbase, a leader in NoSQL database technology and the company behind the Couchbase open source project, today 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. The financing comes after explosive growth in 2013 with sales growing by more than 400% 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% 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.”
About Adams Street Partners
Adams Street Partners is one of the largest managers of private equity investments for institutional investors around the world with more than $25 billion in assets under management. The firm operates as one cohesive global team, integrating expertise in three disciplines: primary, secondary and direct investments. Adams Street has a comprehensive perspective on the industry through its established relationships and experience in the private equity industry. Over the past four decades, the team at Adams Street has grown to 120 individuals based in five offices around the world — Chicago, London, Menlo Park, Beijing and Singapore. For more information, visit: http://www.adamsstreetpartners.com.
About Accel Partners
Founded in 1983, and managing over $9.6 billion in capital, Accel Partners has a long history of partnering with outstanding entrepreneurs and management teams to build world-class businesses. Accel today invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, California, New York City, London, and Bangalore, as well as in China via its partnership with IDG-Accel. Accel has helped entrepreneurs build over 300 successful technology companies, many of which have defined their categories. For more information, visit: http://www.accel.com.