Total amount raised
$105 Millions
Latest funding date
11/1/2021
Location
PlanetScale has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The platform offers a high-performance, reliable OLTP database built on Vitess, designed to deliver horizontal scale and simplified operations.
Keep reading to explore the intricacies of PlanetScale's fundraising journey and the investors backing this innovative platform.
What Is PlanetScale?
PlanetScale, founded in 2018 by Jitendra Vaidya and Sugu Sougoumarane, is headquartered in Mountain View, California. The company specializes in providing a MySQL-compatible, serverless database platform built on Vitess, an open-source sharding middleware system for MySQL.
PlanetScale's platform is designed to offer predictable scale, workflow velocity, and the ability to deploy features without downtime. The company has grown to employ between 51 and 100 people, focusing on delivering high-performance, reliable OLTP databases.
With a strong emphasis on horizontal scaling and simplified operations, PlanetScale has become a trusted database solution for companies like YouTube, Slack, and Square.
How Much Funding Has PlanetScale Raised?
- Seed Round
- Amount Raised: $3M
- Date: December 2018
- Lead Investors: SignalFire
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their MySQL-compatible, serverless database platform.
- Series A
- Amount Raised: $22M
- Date: May 2019
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's capabilities.
- Series B
- Amount Raised: $30M
- Date: June 2021
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development and expand market reach.
- Series C
- Amount Raised: $50M
- Date: November 2021
- Lead Investors: Kleiner Perkins
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the general availability of their enterprise database service and continue expanding product capabilities.
Total Amount Raised: $105M. Current Valuation: Not publicly disclosed.
Key Investors
- Kleiner Perkins
- Details: Kleiner Perkins is a renowned venture capital firm that has been investing in early-stage and growth companies for decades. They are known for backing some of the most successful tech companies in Silicon Valley.
- Investment Focus Areas: Technology, life sciences, high-growth industries.
- Notable Investments: Google, Amazon, Twitter.
- Insight Partners
- Details: Insight Partners is a global venture capital and private equity firm that focuses on growth-stage technology, software, and internet businesses. They have a strong track record of helping companies scale rapidly.
- Investment Focus Areas: Growth-stage technology, software, internet businesses.
- Notable Investments: Shopify, Twitter, Wix.
- Andreessen Horowitz
- Details: Andreessen Horowitz, also known as a16z, is a private venture capital firm that invests in both early-stage startups and established growth companies. They are known for their deep expertise in technology and innovation.
- Investment Focus Areas: Technology companies across various stages.
- Notable Investments: Facebook, Airbnb, Slack.
- SignalFire
- Details: SignalFire is a venture capital firm that leverages data and technology to support its portfolio companies. They are known for their unique approach to investment, using AI and data analytics.
- Investment Focus Areas: Technology-driven companies, data, AI.
- Notable Investments: Grammarly, Frame.io, Ro.
What's Next for PlanetScale?
PlanetScale stands at the cusp of a significant opportunity in the serverless database market. With the general availability of their enterprise database service, they are poised to attract a broader range of enterprise customers. The integration with platforms like Netlify and Vercel further amplifies their reach, positioning them as a key player in the infrastructure market.
Given their rapid growth and recent successful funding rounds, future fundraising seems likely. Investors are keen on supporting innovative solutions that simplify cloud infrastructure management. However, challenges such as competition from major cloud providers and maintaining rapid growth could test their resilience. Ensuring the security and reliability of their services will be crucial as they scale.
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