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Open source database company raises $42m

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Open source database company raises $42m

10gen, creator of the open source MongoDB database software, has raised $42 million in new capital in a venture round led by New Enterprise Associates, says Forbes.

Also participating in the deal are existing investors Sequoia Capital, Flybridge Capital and Union Square Ventures. The company has now raised more than $73 million in venture capital since inception.

The company, which has offices in New York and Palo Alto, said it will use the additional cash 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 the dominant NoSQL database, with top enterprises in telecommunications, financial services, media, government and technology standardising on MongoDB, reports Broadcast Newsroom.

The company has experienced tremendous traction in the market with 50% quarter over quarter sales growth for the past five quarters. 10gen has grown its team over 400% since January of 2011 and continues to invest strongly in technology with the majority of its 130 employees in the technology team.

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