An overview of MongoDB's journey from idea to IPO
It is impossible to build a successful tech company outside of Silicon Valley, right?
Wrong. MongoDB made a practice of disproving its naysayers from the start. Choosing New York as MongoDB’s headquarters, founders Eliot Horowitz, Dwight Merriman and Kevin P. Ryan stepped outside of the norm, setting the company on an unconventional, yet successful, road to success.
As one of the most dynamic databases on the market, MongoDB has been able to keep up with the vast increase in data over the past two years. Meghan Gill, employee number eight and the first non-technical hire at MongoDB, said in an interview that, “90% of data has been created in the last two years, which is pretty mind-blowing. And, 80% of the enterprise data is unstructured, meaning it doesn’t fit into the tables that are in a relational database.”
What does that mean? Essentially, the amount of data in existence is exponentially increasing, with an additional change in form. Instead of data structured in rows and columns, data is now more complex and unstructured in shape. MongoDB is built to address modern requirements.
What makes MongoDB different? I'm glad you asked. MongoDB is an open-source database, meaning it is dynamic in form and able to be molded to fit specific needs. Additionally, MongoDB offers its database free of charge for download in the community edition. MongoDB’s flexibility, scalability, and high data capacity sets them apart from the competition.
Fast + Fun Facts
- 30,000,000+ downloads of MongoDB to date
- 850,000+ people engaged and learning about the product on MongoDB University to date
- Ranked the #1 database that software developers wanted to work with in 2017
- Ranked No. 40 on Forbes 2017 Cloud 100 List
- The company hosted its First Annual Women in Computer Science Summit in NYC last month (May 2018)
- 8 locations in Asia-Pacific
- 10 locations in Europe, the Middle East and Africa
- 16 locations in North America
- Reached 1,000 employees across the globe in May of 2018
- Parental Leave Policy now allows for 20 weeks of paid leave for both mothers and fathers
- The MongoDB Women’s Group, which has over 140 members globally, meets monthly to discuss all things relevant to women in tech
- Catered lunches and fully-stocked kitchen onsite
Stay tuned for next week's sponsor overview! If you have any questions or comments (or want to work at MongoDB), reach out to the Will Reed team.
Meredith is a Junior Analyst for the Baylor Angel Network. Because of her interest and experience in entrepreneurial business ventures, we have included an additional section of her take on the significant growth history of MongoDB.
Significant Growth History
Prior to making a public offering, MongoDB went through 11 rounds of funding, raising a total of $311M. Notable lead investors include Sequoia Capital, Intel Capital, Union Square Ventures, and New Enterprise Associates. Additionally, MongoDB acquired WiredTiger in 2014 to add to MongoDB’s “performance, scalability, and hardware efficiency."
After almost 10 years in the private sector, MongoDB took the company public in October of 2017. During its initial public offering, MongoDB priced its 8 million shares at $24 a share, which was $2-$4 higher than the expected range. By close of business, shares were valued at $32.07 and MongoDB was valued at $192M. The IPO underwriters included Morgan Stanley, Goldman Sachs, Barclays and Allen & Company. The company fared well among the top U.S. venture-backed tech IPOs for the year, with a 7% return on offer price.
This post was written by Meredith Corts, Will Reed Fellow 2018.