Couchbase raises $105M Series G funding round

Couchbase. the Santa Clara-based company behind the eponymous NoSQL cloud database service, today announced that it has raised a $105 million all-equity Series G round “to expand product development and global go-to-market capabilities.”

The oversubscribed round was led by GPI Capital, with participation from existing investors Accel, Sorenson Capital, North Bridge Venture Partners, Glynn Capital, Adams Street Partners and Mayfield. With this, the company has now raised a total of $251 million, according to Crunchbase.

Back in 2016, Couchbase raised a $30 million down round, which at the time was meant to be the company’s last round before an IPO. That IPO hasn’t materialized, but the company continues to grow, with 30 percent of the Fortune 100 now using its database. Couchbase also today announced that, over the course of the last fiscal year, it saw 70 percent total contract value growth, more than 50 percent new business growth and over 35 percent growth in average subscription deal size. In total, Couchbase said today, it is now seeing almost $100 million in committed annual recurring revenue.

“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 CEO Matt Cain in today’s announcement. “To do so, they require a cloud-native database built specifically to support modern web, mobile and IoT applications.  Application developers and enterprise architects rely on Couchbase to enable agile application development on a platform that performs at scale, from the public cloud to the edge, and provides operational simplicity and reliability. More and more, the largest companies in the world truly run their businesses on Couchbase, architecting their most business-critical applications on our platform.”

The company is playing in a large but competitive market, with the likes of MongoDB, DataStax and all the major cloud vendors vying for similar customers in the NoSQL space. One feature that has always made Couchbase stand out is Couchbase Mobile, which extends the service to the cloud. Like some of its competitors, the company has also recently placed its bets on the Kubernetes container orchestration tools with, for example the launch of its Autonomous Operator for Kubernetes 2.0. More importantly, though, the company also introduced its fully-managed Couchbase Cloud Database-as-a-Service in February, which allows businesses to run the database within their own virtual private cloud on public clouds like AWS and Microsoft Azure.

“We are excited to partner with Couchbase and view Couchbase Server’s highly performant, distributed architecture as purpose-built to support mission-critical use cases at scale,” said Alex Migon, a partner at GPI Capital and a new member of the company’s board of directors. “Couchbase has developed a truly enterprise-grade product, with leading support for cutting-edge application development and deployment needs.  We are thrilled to contribute to the next stage of the company’s growth.”

The company tells me that it plans to use the new funding to continue its “accelerated trajectory with investment in each of their three core pillars: sustained differentiation, profitable growth, and world class teams.” Of course, Couchbase will also continue to build new features for its NoSQL server, mobile platform and Couchbase Cloud — and in addition, the company will continue to expand geographically to serve its global customer operations.


By Frederic Lardinois

Incorta raises $30M Series C for ETL-free data processing solution

Incorta, a startup founded by former Oracle executives who want to change the way we process large amounts data, announced a $30 million Series C today led by Sorenson Capital.

Other investors participating in the round included GV (formerly Google Ventures), Kleiner Perkins, M12 (formerly Microsoft Ventures), Telstra Ventures and Ron Wohl. Today’s investment brings the total raised to $75 million, according to the company.

Incorta CEO and co-founder Osama Elkady says he and his co-founders were compelled to start Inccorta because they saw so many companies spending big bucks for data projects that were doomed to fail. “The reason that drove me and three other guys to leave Oracle and start Incorta is because we found out with all the investment that companies were making around data warehousing and implementing advanced projects, very few of these projects succeeded,” Elkady told TechCrunch.

A typical data project of involves ETL (extract, transform, load). It’s a process that takes data out of one database, changes the data to make it compatible with the target database and adds it to the target database.

It takes time to do all of that, and Incorta is trying to give access to the data much faster by stripping out this step. Elkady says that this allows customers to make use of the data much more quickly, claiming they are reducing the process from one that took hours to one that takes just seconds. That kind of performance enhancement is garnering attention.

Rob Rueckert, managing director for lead investor Sorenson Capital sees a company that’s innovating in a mature space. “Incorta is poised to upend the data warehousing market with innovative technology that will end 30 years of archaic and slow data warehouse infrastructure,” he said in a statement.

The company says revenue is growing by leaps and bounds, reporting 284% year over year growth (although they did not share specific numbers). Customers include Starbucks, Shutterfly and Broadcom.

The startup, which launched in 2013, currently has 250 employees with developers in Egypt and main operations in San Mateo, California. They recently also added offices in Chicago, Dubai and Bangalore.


By Ron Miller