Couchbase secures $60m in funding, toots own horn with benchmark figures
It’s been a pretty good couple of weeks for Couchbase. Not only has the NoSQL database provider rounded up $60 million (£35.2m) in series E funding, but has also released benchmark figures which significantly outperform the competition, including MongoDB and DataStax.
The latest round of funding featured two new investors, WestSummit and Accel Growth Fund, along with existing venture capital investors, to bring overall figures to $115m (£67.6m).
It’s not often that companies get to the series E funding stage. As Marc Andreessen cited earlier this month, it’s generally accepted among venture capitalists that series A funding is to build the product and get first beta customers, while series B funding is to build the business around the product and get to revenue.
Noted VC Fred Wilson wrote a blog post expanding on this, saying series C funding was to get to profitability so cash flow provides growth, while the next step – generating liquidity for the company and its investors – is what the IPO or secondary offering is for.
Wilson likened this model to walking up a flight of stairs, yet noted that each company is different. “That is a very simple view of the world,” he wrote. “Very few companies will walk up the stairs easily and hit each one perfectly. Shit happens. And we all know that and can deal with that.”
He added: “But I will tell you that the companies that have performed best in all the portfolios I’ve been involved with over the years have climbed those stairs more or less like that.”
The question, therefore, is why has Couchbase relentlessly continued with more funding?
A statement from the company issued to CloudTech read: “The Big Data/NoSQL market is a hot space and is expected to be a many billion dollar market. Leaders within these types of hot markets can easily raise large amounts of money from private company investors at excellent valuations.
“At this point, we think it is better to focus on growing the NoSQL market and our company rather than dealing with the many distractions of being a public company,” it added.
Elsewhere, Couchbase also released benchmark figures which blew the competition out of the water in read and write throughput. According to preliminary results from Thumbtack Technology, Couchbase achieved 431,000 operations per second on read and 206,000 on write – a big difference when compared to DataStax (57.3k read, 74.5k write) MongoDB (65.8k read, 27.1k write).
The full report will be available in July, but for now Couchbase will be satisfied with these figures, as the big NoSQL players continue to face off. One of CloudTech’s most popular articles last year was an interview with Couchbase CEO Bob Wiederhold in which he decried those in the “old” database market, such as SAP, IBM and Oracle.
Yet it’s evident from the research and releases that Couchbase effectively sees that battle as won; now the company’s going toe-to-toe against its NoSQL buddies.
Nowhere is this better encapsulated than in the release of Couchbase Mobile last month, which opens up a huge area for the company as it enables developers to build always-available, always-responsive mobile applications through three products; Couchbase Lite, Couchbase Sync Gateway and Couchbase Server.
What do you make of this news?