MongoDB Developer 10gen Raises $42 Million Round Led By New Enterprise Associates

Posted on May 29 2012 - 12:59pm by Editorial Staff

10gen, the company behind popular NoSQL database MongoDB today announced it has secured $42 million in financing, led by New Enterprise Associates. This round also includes participation from existing investors Sequoia Capital, Flybridge Capital Partners and Union Square Ventures. The company says, it will use this financing to invest in product development for MongoDB and the MongoDB Monitoring Service (MMS) and to better support its rapidly growing community and user base worldwide.

The company has experienced tremendous traction in the market with 50% quarter over quarter sales growth for the past five quarters. 10gen has grown its team over 400% since January of 2011 and continues to invest strongly in technology with the majority of its 130 employees in the Technology team.

“We want to change the database market, to make MongoDB the best way for companies to build new applications,” said Dwight Merriman, CEO of 10gen. “Our goal is to give tech teams not only a database that scales to any big data level required but also helps developers be productive and more nimble. That has been the vision of the MongoDB open source community and we want to continue to help make that happen.”

(Credit: Image Source)

About the Author

Editorial Staff at I2Mag is a team of subject experts.