Couchbase is one of the most widely deployed open-source NoSQL databases, and its cloud footprint continues to grow. It offers a flexible data model that is easily scalable, while consistently providing high performance and serving application data with 100% uptime.
The Santa Clara-based company counts 30% of the Fortune 100 as clients and over the last fiscal year saw 70% total contract value growth, 50% new business growth, and over 35% growth in average subscription deal size. The company has revealed that all in all, it is now seeing around $100 million in annual recurring revenue.
Earlier this month, Couchbase announced it raised $105 million in a new funding round led by GPI Capital. The company will use this round of funding to help build out its managed services offerings, including the Couchbase Cloud database as a service (DBaaS) platform and facilitate its "global go-to-market capabilities." According to Crunchbase, the company has now raised a total of $251 million.
"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. To be competitive today, enterprises must transform digitally and use technology to get closer to their customers and improve the productivity of their workforces," said Couchbase President and Chief Executive Officer Matt Cain. "To do so, they require a cloud-native database built specifically to support modern web, mobile, and IoT [internet of things] applications."
Couchbase brought on Cain as Chief Executive Officer in 2017 as the company's price dipped and its investment was valued at just $300 million - far from its fellow Silicon Valley unicorns. This funding round, especially during a pandemic signals
In 2016, Couchbase raised $30 million in a funding round supposed to be its last before an IPO. The IPO didn't happen but with Cain at the helm, things are looking up for the company.
Founded by Chris Anderson, Damien Katz, Dustin Sallings, James Phillips, and Steve Yen in 2009, Couchbase is backed by investors, including Accel, Adams Street Partners, and Glynn Capital Management, GPI Capital, Mayfield Fund, North Bridge Venture Partners & Growth Equity, and Sorenson Capital.