This capital will be used to accelerate sales, and expand technical support and engineering investments as Couchbase extends its leadership as the de facto standard operational database for businesses in the ‘digital economy’.
“Our business, built on customers focused on winning in the Digital Economy, is very strong. This funding round will take us to cash flow positive and should be our last round prior to an IPO,” said Bob Wiederhold, Couchbase CEO.
“To be successful in the Digital Economy, businesses need to build great Web, mobile and IoT applications that deliver great user experiences that critically depend on the capabilities of the underlying operational database. Developers, architects and CIOs across every industry realise this, and are selecting Couchbase over our competitors as their operational database for modernising their technology platforms.”
A recent report by 451 Research shows the operational database market is expected to reach driven by companies adapting to the digital economy. For the UK, the opportunity is massive. The global digital services market will be worth as much as the entire UK economy by 2020. Since 2007, it has become a key area of focus for the government, with the founding of Innovate UK to encourage new ideas and ease of doing business in the digital economy.
According to the National Institute of Economic and Social Research, the digital economy is substantially larger than conventional estimates suggest, comprising almost 270,000 active companies in the UK.
This is where Couchbase comes in, acting as “the de facto standard database” for these businesses.
Sorenson Capital led the recent funding round and is a new investor in Couchbase. This investment underscores Sorenson Capital’s increasing focus on technology-based growth investment opportunities across new and emerging sectors. Last year, it added technology and growth equity veteran Rob Rueckert to lead and further expand its technology practice. Rueckert will join the Couchbase Board of Directors.
“Couchbase is transforming the way companies do business in the digital economy,” said Rueckert.
Citing American big-names like AT&T, Walmart, Dixons and Nike, Rueckert emphasised how customer engagement has been a key market differentiator for Couchbase. “This blue chip customer list indicates the high level of interest in Couchbase and the momentum they are experiencing. They are a great addition to our portfolio.”
Current investors, including Accel Partners, Adams Street Partners, Ignition Partners, Mayfield Fund, North Bridge Venture Partners and West Summit, participated in the round.