We are proud to announce a new round of funding at a milestone valuation, which recognizes our company’s rapid growth, happy customers, and our emerging role as a leading cloud-native SQL database.
The events of 2020 delivered more change in the past few months for businesses than many of us have experienced in the last 10 years. The impact of stay-at-home orders forced organizations to rapidly adapt to changing consumer behaviors, remote workforces, and explosive growth of digital services. As companies rushed to evolve their businesses and adapt their applications to support the rapid shift to digital-everything, many discovered that they needed more resilient, more easily scalable, and more flexible data infrastructure.
These circumstances led many companies – from start-ups seeing massive numbers of new users, to traditional businesses needing to change how they worked – to choose CockroachDB.
It’s on the back of this exceptional growth that we are now proud to announce our latest round of funding; a series E that raises $160 million at a valuation of $2 billion. This latest financing was led by Altimeter Capital with participation from new investors Greenoaks and Lone Pine, and existing investors Benchmark, BOND, FirstMark, GV, Index Ventures, and Tiger Global.
In the past year we have more than doubled our revenues and customer count, with more than half of our customers choosing to run on our recently-released cloud database-as-a-service, CockroachDB Dedicated.
We have also seen significant growth of our developer community, reaching more than 19,000 Github stars and over 300 external contributors. Cockroach Labs has also seen validation of its business through awards, including induction into the JPMorgan Chase Hall of Innovation and being named as Crain’s #1 Best Places to Work in New York City for large companies.
More important than any of the accolades are how we are helping you, our customers and open source users. Teams around the globe are using CockroachDB to build scalable, resilient, and innovative apps and services that they simply could not build before.
For example, we have a digital banking customer using CockroachDB to keep pace with its rapid growth of 13M+ users with a reliable, always-on infrastructure; a gaming customer using CockroachDB to achieve low latencies so that their users can play in-real-time from anywhere in the world; and a global retail customer using CockroachDB to comply with local data regulations and optimize inventory/order management.
We now see our software in use across every major industry, in companies based all around the world, and supporting everyone from the smallest individual users to the category leaders in retail, banking, and streaming media.
So what does this mean for the future of Cockroach Labs and our customers? We are on a long-term mission to be the database of choice for your most important applications, and we are committed to creating a company that you would be proud to do business with.
With this latest round, we will continue to double-down on product development. We created CockroachDB to be the most highly evolved, cloud-native, distributed SQL database on the planet. Our promise to you is to make scale so simple, you don’t have to think about it. To make data so resilient, it becomes impossible to destroy. And to make deployment so seamless, your apps effortlessly run anywhere in the world.
Significant engineering effort and innovation is required to continually deliver on that promise, and this funding supports our ongoing efforts. Cockroach Labs’ latest innovation, a forever-free version of CockroachDB Dedicated for development and education, will soon be released in beta. Sign up here to be the first to try it.
In addition, this financing allows us to expand our staff across every department to best support our expanding, global customer base. We encourage you to consider joining us on our mission to build the next great database company. Explore open roles at cockroachlabs.com/careers and hear directly from the folks building CockroachDB on Youtube.
This significant milestone for our company would not be possible without the support from our customers, our partners, and our open source community. Thank you all for believing in Cockroach Labs, and supporting us through this journey.