Couchbase, a US-based database technology producer backed by mobile network operator NTT Docomo, filed on Monday to raise up to $100m in an initial public offering on the Nasdaq Global Select Market.
Founded in 2009, Couchbase has built an online database platform that enables enterprises to build and deploy software applications on the cloud. Its customers include telecommunications group Verizon, e-commerce company eBay and digital payment services provider PayPal.
The company’s revenue grew by 25% from $82.5m in the year ending January 2020 to $103m in the same period in 2021. It reported a $40m net loss for the year ending in January 2021, up from $29.3m the previous year.
Couchbase had raised $250m of funding as of its $105m series G round, which was led by investment firm GPI Capital in May 2020 and backed by Accel, Sorenson Capital Partners, North Bridge Venture Partners, Glynn Capital, Adams Street Partners and Mayfield Fund.
Sorenson Capital had led Couchbase’s $30m series F round in 2016, investing toegther with Accel, Adams Street Partners, Ignition Partners, Mayfield Fund, North Bridge and WestSummit Capital.
The company received $60m in a series E round in 2014 that was co-led by Accel’s Growth Fund and WestSummit and which included NTT Docomo investment vehicle Docomo Capital as well as Adams Street Partners, Ignition Partners, North Bridge and a separate Accel fund.
Docomo Capital had already taken part in a $15m series C round for Couchbase in 2011 that also featured Ignition Partners, Accel, Mayfield and North Bridge.
Accel has the largest stake in Couchbase, holding 20.9%, followed by North Bridge (13.7%), GPI Capital (13%), Sorenson Capital (10.3%), Mayfield Fund (10.1%) and Adams Street Partners (5.4%).
Morgan Stanley, Goldman Sachs, Barclays, RBC Capital Markets, William Blair, Stifel, Baird and Oppenheimer are the underwriters for the offering.