Neo4j raises the largest ever funding round in database history at a $2bn+ valuation
Neo4j, which offers a graph-centric database and related products, announced that it raised $325 million at a more than $2 billion valuation in a Series F deal led by Eurazeo, with additional capital from Alphabet’s venture wing GV. Eurazeo managing director Nathalie Kornhoff-Brüls will join the company’s board of directors. The Eight Roads Ventures Europe team is proud to have played a small part in the journey since partnering with Emil Eifrem and the Neo4j team 10 years ago.
That funding makes Neo4j among the most well-funded database companies in history, with a collective fundraise haul of more than half a billion dollars. For comparison, MongoDB, which trades on Nasdaq, raised $311 million in total (according to Crunchbase) before its IPO. Meanwhile, Cockroach Labs of CockroachDB fame has now raised $355 million in funding, including a $160 million round earlier this year at a similar $2 billion valuation.
The past decade has seen a whole new crop of next-generation database models, from scale-out SQL to document to key-value stores to time series and on and on and on. What makes graph databases like Neo4j unique is their focus on the connections between individual data entities. Graph-based data models have become central to modern machine learning and artificial intelligence applications, and are now widely used by data analysts in applications as diverse as marketing to fraud detection.
CEO and co-founder Emil Eifrem said that Neo4j, which was founded back in 2007, has hit its growth stride in recent years given the rising popularity of graph-based analysis. “We have a deep developer community of hundreds of thousands of developers actively building applications with Neo4j in any given month, but we also have a really deep data science community,” he said.