Docker, an open-source containerization platform, has announced a Series C funding round of $105 million, bringing the company’s valuation to $2.1 billion. The round was led by Bain Capital Ventures (BCV) with participation from Insight Partners, Atlassian Ventures, Citi Ventures, and others. As part of the investment round, BCV partner Enrique Salem will join the Docker board.
In 2013, Docker created a developer-friendly, open-source containerization format that became an industry standard for app development. After failing to commercialize its enterprise division, it was sold to Mirantis in 2019, and Docker was forced back to the drawing board; now, the company is focused on providing user-friendly development tools and services.
The massive investment from several major players in venture capital is a positive sign of the company’s recovery following recapitalization and restructuring in 2019. Led by Chief Executive Officer Scott Johnston, Docker reported a 2021 annual recurring revenue of $50 million, four times higher than the previous fiscal year. Since the reorganization, Docker has raised a total of $163 million in new capital, and its latest investment is aimed at simplifying the developer experience around its open-source Kubernetes project as it aims to carve out a larger piece of the $50 billion annual developer market.