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Cloudant adds $12m Series B from Devonshire Investors, Toba Capital

15 May 2013

Cloudant, a provider of a globally distributed database-as-a-service, has raised $12m in series B funding from Devonshire Investors, the private equity firm affiliated with Fidelity Investments; venture capital firm Toba Capital and Rackspace Hosting.

Current investors including Avalon Ventures, In-Q-Tel, Samsung Venture Investment Corporation also purchased additional shares. The funding will be used to support Cloudant’s global expansion and grow the company’s support, service, and go-to-market strategies, it said

“The market opportunity for managed, hosted databases is large, and the NoSQL model is where major mobile and Web applications are moving,” said David Jegen , managing director at Devonshire Investors. “We’re seeing that shift accelerate across the industry with Cloudant in the sweet spot of this market, adding big customer names with a highly scalable and durable DBaaS.”

In addition to today’s funding news, Cloudant is also announcing the opening of a new office in San Francisco. Market demand recently drove the company’s expansion into the UK with an office in Bristol, and both new locations complement Cloudant’s Boston headquarters and Seattle office.

Momentum in the enterprise market has also helped the company court new investors like Vinny Smith at Toba Capital, the former CEO of Quest Software, which he led to IPO and a $2.4bn acquisition by Dell.

“Enterprises are quickly realizing that they want a cloud that isn’t one size fits all. They want to scale their app without having to customize it to fit within a third-party cloud,” said Smith , founder of Toba Capital. “Spending on cloud infrastructure is no longer an IT line-item; it’s now a major line-of-business concern. With strategic support from Rackspace, Cloudant is providing a clearer path for businesses to run large production workloads in the hybrid cloud.”

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