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Dec 16 (Reuters) – Cockroach Labs said on Thursday it had raised $278 million in a late-stage funding round led by Greenoaks, taking the cloud database management software startup’s valuation to $5 billion. dollars.
The fundraising also included Tiger Global, Coatue, Benchmark, Index Ventures, JPMorgan Chase & Co (JPM.N) and the venture capital arm of Alphabet Inc (GOOGL.O) GV. So far, the company’s total raised capital has amounted to $633 million.
Cockroach Labs develops and operates the CockroachDB database which is used by over 200 customers including Comcast Corp (CMCSA.O), Bose, DoorDash Inc (DASH.N), Nubank (NU.N) and eBay Inc (EBAY. O).
The New York-based startup said it tripled its annual recurring revenue over the past year and posted a more than six-fold increase in cloud revenue in the last quarter.
Companies powering the digital economy have aggressively raised capital over the past year to fund a growth spurt fueled by the pandemic-driven shift to remote working.
“The future of app development is changing…we are on the cusp of a paradigm shift in the industry,” said Spencer Kimball, co-founder and CEO of Cockroach Labs.
The company said it plans to use the new capital to grow the CockroachDB database, grow its customer base and expand into new markets.
Reporting by Sohini Podder in Bangalore; Editing by Aditya Soni
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