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Huge growth inspires NEA investment in database company 10gen

29 May 2012

New Enterprise Associates has joined a string of venture firms in a $42m financing deal for database provider 10gen.

Sequoia Capital, Flybridge Capital and Union Square Ventures also took part in the financing round, which the company said would be used to develop its MongoDB product.

MongoDB has seen 50 per cent quarter on quarter sales for the past five quarters, while 10gen has quadrupled its team to 130 since the beginning of last year.

NEA general partner Harry Weller said, “I’ve had my eye on 10gen and their amazing trajectory for several years.

“They’ve solidified themselves as the dominate player in the NoSQL market and a real disruptor in the database space in general.”

He added, “We see nothing but continued growth for the company and the MongoDB community.”

The company has now raised more than $73m in total funding.

In March NEA and Telefonica Digital were among investors in a $35m financing round for online mobile payment company Boku.

Andreessen Horowitz, Benchmark Capital and DAG Ventures were also among participants in the round, with funding earmarked to expand Boku’s team, broaden infrastructure and continue the global expansion it began in 2009.

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