MongoDB

MongoDB Inc. develops the open source MongoDB document database and sells Atlas, a managed cloud database service, along with search, vector search and Enterprise Advanced products for developers building applications. The company was founded in 2007 in New York as 10gen by Dwight Merriman, Eliot Horowitz and Kevin P. Ryan, veterans of DoubleClick, and took the MongoDB name in August 2013. It began as part of a planned platform as a service product and moved to an open source development model in 2009. Its headquarters are in New York City.

Before its listing MongoDB raised $311 million from venture investors, according to Wikipedia. The early backers named there are Flybridge Capital Partners, In-Q-Tel, Intel Capital, New Enterprise Associates, Red Hat, Sequoia Capital and Union Square Ventures. The company's IPO prospectus describes its last private round: in December 2014 it sold Series F preferred stock to nine accredited investors at $16.72 per share, for proceeds of about $80.0 million. At the IPO, the 5% holders were entities affiliated with Sequoia Capital (16.9%), Flybridge Capital (11.6%), Union Square Ventures 2008 (9.7%), New Enterprise Associates (7.2%) and Future Fund Investment Company No. 4, Australia's sovereign wealth fund vehicle (6.2%). Sequoia partner Roelof Botha and Flybridge's Charles Hazard sat on the board.

MongoDB priced its IPO on October 19, 2017 at $24.00 per share and began trading on Nasdaq on October 20 under the ticker MDB, raising $192 million at a valuation of about $1.6 billion. At the time of the offering it reported more than 4,300 customers in over 85 countries as of July 31, 2017. Its market capitalization reached about $39 billion in 2021 before falling to roughly $10 billion in 2024. For fiscal 2026 it reported revenue of $2.46 billion, up 23%, an operating loss of $137 million, 5,636 employees and more than 65,200 customers. The company changed its license from AGPL to the Server Side Public License in 2018, and has acquired WiredTiger (2014), mLab (2018), Realm (2019) and Voyage AI (2025). Dev Ittycheria, chief executive at the IPO, returned as interim CEO in September 2026 after Chirantan Desai left for Meta.

For investors, MongoDB is a case of venture money backing an open source infrastructure company through a long build. Union Square Ventures, Flybridge and Sequoia were in the early rounds, and the company took about ten years from founding to its listing. Its 2017 IPO valuation of $1.6 billion was modest relative to the $311 million raised, but holders who kept their shares after the lockup saw the market value rise many times over by 2021. The company also shows how a usage based cloud product (Atlas) can carry an open source vendor to public market scale.