Venture Capital News: Cockroach Labs Announces $55M Series C
NEW YORK, NY, Cockroach Labs, the company behind the leading enterprise-grade distributed SQL database CockroachDB, today announced $55 million in series C funding.
The round is led by Altimeter Capital, Tiger Global, and existing investor GV, with participation from existing investors Benchmark, Index Ventures, Redpoint Ventures, FirstMark Capital, and Work-Bench, and brings Cockroach Labs' total funding to $108.5 million.
"As organizations transition to the cloud, they eventually find that legacy relational databases are difficult to scale, inflexible to deploy, and fail to take full advantage of modern cloud capabilities," says CEO and co-founder Spencer Kimball. "This funding will accelerate our growth within and well beyond the database space, paving the way for CockroachDB to become the preferred platform for global enterprises."
The company's flagship product, CockroachDB, is a geo-distributed SQL database that ensures both high availability and redundancy in case of an outage, guaranteeing optimal performance and business continuity. CockroachDB's unique ability to localize data within availability zones allows global businesses to provide every customer with a local experience while ensuring regulatory compliance, an increasing concern for companies as international data localization laws evolve.
Since its founding in 2015, Cockroach Labs has developed an ardent following among database administrators, chief architects, developers, and academics by offering a source-available product that is geo-distributed, cloud-native, and speaks SQL. Today, Global 2000 CIOs are taking notice. Revenue has doubled quarter over quarter since 2018, and CockroachDB is in use at some of the world's largest and most trusted financial institutions, healthcare corporations, and global organizations, including Bose, Lush, and Comcast.
"We see a massive opportunity for Cockroach Labs to help all businesses scale globally, and we believe the company is a category leader," said Kevin Wang, partner at Altimeter Capital. "Cockroach Labs' immense and rapid growth, coupled with its last several product releases, has shown it has the authority to stand up against behemoths like AWS and Oracle. We're excited to partner with Spencer and the world-class team at Cockroach Labs for this next stage of growth."
Cockroach Labs currently employs more than 100 people across four offices in the United States and Europe. This financing will be used to continue building a suite of products and services that ease the pains of managing global data, including development on the database-as-a-service Managed CockroachDB.
About Cockroach Labs
Cockroach Labs is the company behind CockroachDB, the cloud-native, distributed SQL database that provides next-level consistency, ultra-resilience, data locality, and massive scale to modern cloud applications. Companies like Comcast, Lush, and Bose are building their cloud data architectures on CockroachDB. Cockroach Labs was founded by a team of engineers dedicated to building cutting edge systems infrastructure, and has investments from Altimeter, Benchmark, GV, Index Ventures, and Redpoint. www.cockroachlabs.com
About Altimeter Capital
Altimeter Capital Management is a technology focused investment firm managing public and private investment funds. Private software investments have included AppDynamics, HubSpot, MongoDB, Okta, Snowflake, and Twilio. Altimeter was founded in 2008 and has offices in Menlo Park, CA and Boston, MA.
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