Database software startup Cockroach Labs raises new funds at $ 5 billion valuation

December 16 (Reuters)Cockroach Labs announced Thursday that it had raised $ 278 million in a final round of funding led by Greenoaks, bringing the valuation of the cloud database management software startup to $ 5 billion.

Fundraising also included Tiger Global, Coatue, Benchmark, Index Ventures, JPMorgan Chase & Co. JPM.N and Alphabet Inc’s GOOGL.O venture capital investment branch GV. So far, the company’s total raised capital has reached $ 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 RELIGIOUS and eBay Inc EBAY.O.

The New York-based startup said it tripled its annual recurring revenue over the past year and saw a more than six-fold increase in cloud revenue in the last quarter.

The companies fueling the digital economy have aggressively raised capital over the past year to fund increased growth fueled by the pandemic’s shift to remote working.

“The future of application 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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Maria H. Underwood