MongoDB confirms an $80M funding round

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Credit: Garrett Heath/Flickr

NoSQL startup MongoDB is aiming to raise $100 million and has already taken in $79.9 million, according to a SEC document that the company filed this week and has confirmed to Gigaom.

The new cash influx comes after a $150 million funding round the startup landed in October 2013 when the company was then valued at $1.2 billion.

MongoDB is a hot commodity in the NoSQL database space, where it competes with Couchbase and DataStax, among others. In their last investment rounds, Couchbase and DataStax have raised $60 million and $106 million, respectively.

MongoDB has also been figuring out how to make money as a company that’s built around open source software. In October, MongoDB unveiled its MongoDB Management Service, designed to help users scale and manage their databases; the startup is banking that the new service will generate a lot of revenue. It also added paid support (or what it calls “production support”) for users of the free version in August, and brought in a new CEO with IPO experience the same month.

The startup recently bought out WiredTiger, whose storage engine technology should be available as an option for a forthcoming MongoDB release. Financial terms of the acquisition were not disclosed.

With Hadoop vendor Hortonworks recently going public with a market cap of a little over a billion dollars, it’s clear the big data space is on fire and investors aren’t scared off by open source software. MongoDB has indicated that it eyes an IPO in its future, but this new funding round will give it leeway to find an optimal timeframe.

In October, MongoDB’s vice chairman and former CEO Max Schireson came on by the Structure Show to chat about databases as well as managing a family while trying to lead a fast-rising startup.

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