Couchbase, the creator of the enterprise-class, multicloud to edge NoSQL database, today announced that it has completed a $105 million all-equity Series G round of fundraising. The latest funding round, led by GPI Capital, also included oversubscribed participation from existing investors Accel, Sorenson Capital, North Bridge Venture Partners, Glynn Capital, Adams Street Partners, and Mayfield. Proceeds from this financing will be used to expand product development and global go-to-market capabilities.
Today more than 500 enterprises, including over 30% of the Fortune 100, rely on the Couchbase NoSQL database. In its latest fiscal year, Couchbase delivered over 70% total contract value growth, 50%+ new business growth, and 35%+ growth in average subscription deal size. The company has nearly $100M in committed annual recurring revenue.
Couchbase is accelerating its trajectory and will use the funding to build further differentiation in already industry leading products and services, while simultaneously expanding its customer facing operations. The company will complement feature development in its best-in-class enterprise NoSQL server and mobile database platform with Couchbase Cloud, a fully managed Database-as-a-Service offering. Now, more than ever, enterprises are accelerating their migration to both NoSQL databases and cloud deployments to increase agility and flexibility while simultaneously reducing costs.
“To be competitive today, enterprises must transform digitally and use technology to get closer to their customers and improve the productivity of their workforces. To do so, they require a cloud-native database built specifically to support modern web, mobile and IoT applications. Application developers and enterprise architects rely on Couchbase to enable agile application development on a platform that performs at scale, from the public cloud to the edge, and provides operational simplicity and reliability,” said Couchbase President and CEO Matt Cain. “More and more, the largest companies in the world truly run their businesses on Couchbase, architecting their most business-critical applications on our platform. This has become even more pronounced today as all companies are closely evaluating their digital strategies while carefully managing their capital allocation plans. Completing this funding round in the current climate is a testament to the importance of modern databases and the relevance of Couchbase as we continue our path to becoming a large, public company.”
“We are excited to partner with Couchbase and view Couchbase Server’s highly performant, distributed architecture as purpose-built to support mission critical use cases at scale,” said Alex Migon, Partner of GPI Capital and new member of the company’s board of directors. “Couchbase has developed a truly enterprise grade product, with leading support for cutting-edge application development and deployment needs. We are thrilled to contribute to the next stage of the company’s growth.”
Khai Ha, Partner at GPI Capital, added, “Having evaluated how companies innovate across a wide variety of industries and are increasingly turning to modern non-relational databases for their operational needs, we were pleased to see the increasing awareness of and growth acceleration at Couchbase. We look forward to serving as a partner to the company over the coming years.”
The latest funding round occurs at a time when companies across all industries are looking to increase their investment in solutions that enable powerful digital experiences for both employees and customers. This reality is that the database market will undergo a generational market transition over the next many years. The market is already worth over $100 billion, and the NoSQL database market in particular is projected to grow at 32% CAGR from 2018-2023, according to 451 Research.
Since January, the company was named to JMP Securities’ Hot 100 List of Best Privately-Held Software Companies, has earned Top Rated 2020 Awards from TrustRadius for Best NoSQL Database, and was named a 2020 Bay Area Best Place to Work. Couchbase’s growing list of customers include American Express, Cisco, Comcast/Sky, Disney, LinkedIn, Tesco and more.