Creators of the MongoDB software, 10gen, has announced this morning that it raised $42 million in new venture capital.
This round was raised by existing investors Sequoia Capital, Flybridge Capital, Union Square Ventures, as was led by New Enterprise Associates.
The company has now raised more than $73 million in venture capital since its 2008 debut.
With main offices in both New York and Palo Alto, 10gen plans to use the new injection of funding to "invest in product development for MongoDB and the MongoDB Monitoring Service and to better support its rapidly growing community and user base worldwide.”
MongoDB is one of the major NoSQL databases in the market now, with demand continuing to grow rapidly. Currently, 10gen has experienced 50% sequential sales growth for the past five quarters and has grown its team over 400% since January 2011 -- to now include 130 employees.
“We want to change the database market, to make MongoDB the best way for companies to build new applications,” CEO Dwight Merriman said in a statement. “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.”
Among the company’s past clients are social media startups like Foursquare, Craigslist, Disney,Intuit, MTV Networks and Shutterfly.
Founded by former DoubleClick founder and CTO Dwight Merriman and former DoubleClick engineer and ShopWiki founder and CTO Eliot Horowitz in 2007, the company has been at the forefront of the NoSQL movement.
The NoSQL database systems rose alongside major internet companies, such as Google, Amazon, and Facebook, which had different challenges in dealing with huge quantities of data that the traditional RDBMS solutions were not successfully handling. NoSQL database systems are developed to manage large volumes of data and does not require a relational model for the data structure.
The MongoDB database itself is available for free as an open source product and ,similar to other open source businesses, 10gen focuses on providing its customers support, training and consulting services.
Right now 10gen is hiring for numerous positions in California, Dublin, London, New York and Sydney.