US-based database software provider MongoDB has filed for a $100m initial public offering that will allow enterprise software producer Salesforce, chipmaker Intel and data software providers EMC and Red Hat to exit.
MongoDB has developed an open-source database platform that has been downloaded more than 20 million times, and it relies on subscriptions for revenue. It made a net loss of $45.8m from $68m in revenue in the six months leading up to the end of July 2017.
The company, which was formerly known as 10gen, has raised $311m in venture funding since it was founded in 2007, including $50m from Intel, Red Hat and In-Q-Tel in 2012.
Both corporates returned for a $150m series E round the following year that featured EMC, Salesforce, funds and accounts advised by T. Rowe Price, and Altimeter Capital, as well as existing investors New Enterprise Associates (NEA) and Sequoia Capital, and an unnamed financial services firm.
Goldman Sachs, Altimeter Capital, NEA, Sequoia and funds managed by T. Rowe Price added $80m in early 2015. MongoDB’s earlier investors included Flybridge Capital Partners and Union Square Ventures.
Dell Technologies Capital, a subisidiary of Dell, the consumer electronics maker that acquired EMC in 2016, is also an investor but none of the corporates are among MongoDB’s most prominent backers. The company’s largest shareholder is Sequoia Capital, which owns a 16.9% stake.
Other notable investors include Flybridge Capital (11.6%), Union Square Ventures (9.7%), NEA (7.2%) and Future Fund (6.2%), as well as co-founders Dwight Merriman (7.8%) and Eliot Horowitz (5.8%).
Morgan Stanley, Goldman Sachs, Barclays Capital, Allen & Company, Stifel Nicolaus, Canaccord Genuity and JMP Securities are underwriters for the IPO. MongoDB intends to float on the Nasdaq Global exchange.