Online database company MongoDB is now the top dog among New York City startups.
MongoDB, formerly 10gen, has raised $150 million in a round led by an unnamed financial services firm, Bloomberg reports. The deal puts MongoDB’s valuation at a lofty $1.2 billion, the highest startup valuation in NYC, sources tell the news site.
If that valuation holds true, MongoDB is worth more than Tumblr, which Yahoo acquired for $1 billion this year, and Fab, the shopping site that recently raised $150 million at a $1 billion valuation.
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MongoDB is the leading NoSQL database provider with more than 600 customers, including Goldman Sachs and MetLife. The company’s software serves as the backbone for plenty of cloud services. And at just $5,000 per year per server, it solves the database problem for young startups without breaking the bank.
The funding will be used for global expansion, Max Schireson, MongoDB’s chief executive, tells Bloomberg. He revealed that MongoDB has been more than doubling its sales and employee numbers every year. And, of course, the funding will help the company ride the wave of Big Data startups (which a good database implementation can make or break).
“Adoption of MongoDB has grown explosively over the last few years,” Schireson said in a statement today. “This funding will allow us to continue to invest in the technology and the global operation our customers require. Building the product and company to bring greater agility and scalability to how organizations manage data will require a large and sustained investment. With this additional funding we will have the staying power to make these investments.”
MongoDB has now raised a total of more than $231 million. This latest round includes new investors EMC, Salesforce, T. Rowe Price, and Altimeter, as well as previous investors Intel, Red Hat, New Enterprise Associates, and Sequoia Capital. The company also has an office in Palo Alto, Calif.