MySQL AB will use the proceeds to fund continued growth into the enterprise database market, including new product development as well as expansion of business development, sales and marketing activities. Marten Mickos, CEO of MySQL AB, said,
We are very pleased that IVP led this financing. They have a proven track record in attracting superb corporate investors, as well as a strong history of working with our current investors. Our corporate investors were carefully selected as strategic partners because they are among the key IT infrastructure providers for the modern enterprises of today and tomorrow.
Steve Harrick, managing director and general partner of IVP, said,
We believe that MySQL AB is an exceptional company, poised for tremendous growth in the enterprise market. With the release of MySQL 5.0, the company is offering deep functionality at a fraction of the cost of the competition, prompting many CIOs to reconsider their database strategy. We believe that MySQL will have a lasting impact on the software industry — delivering more transparency and value to IT organizations everywhere.
Including this round, MySQL AB has received approximately $39 million in venture funding. Other prominent investors include Benchmark Capital and Index Ventures. Dennis P. Wolf, executive vice president and CFO of MySQL AB, commented,
As a cash-flow positive company, we have raised this $18.5 million to provide us with all of the capital needs we might have to augment our technology and to prepare for further growth in a very promising and
expanding marketplace. We believe that this funding will enable us to
exceed all of our intermediate term capital needs.
“Open source is able to deliver unprecedented value to the customer and is changing the way companies consume technology,” said Mike Evans, vice
president of Corporate Development at Red Hat. “We see the demand for open
source applications, like the MySQL database, picking up speed on a global
basis. We are pleased to support MySQL and believe they offer a high-value
choice for Red Hat customers.” “SAP Ventures’ investment in MySQL is indicative of our belief that MySQL can power business-critical database applications,” said Lisa Reeves, senior vice president, SAP Ventures. “MySQL is a world-class database that offers high performance, stability and rich features to support large applications at an attractive TCO for the enterprise customer.”
About Institutional Venture Partners
With more than $1.6 billion of cumulative committed capital, Institutional
Venture Partners (IVP) is one of the premier venture capital firms in the
United States. Founded in 1980, IVP has invested in over 200 privately-held companies, and more than 80 of these companies have gone public. The firm’s managing directors have more than 100 years of combined venture capital experience. IVP is currently investing IVP XI, a $300 million fund focused on expansion-stage investments in rapidly-growing information technology companies.
About MySQL MySQL AB
Develops and supports a family of high performance, affordable database products — including MySQL Network, a comprehensive set of certified software and premium support services. The company’s flagship product is MySQL, the world’s most popular open source database, with more than 8 million active installations. Many of the world’s largest organizations, including Yahoo!, Alcatel, The Associated Press, Suzuki and NASA are realizing significant cost savings by using MySQL to power high-volume Web sites, business-critical enterprise applications and packaged software. With headquarters in Sweden and the United States — and operations around the world — MySQL AB supports both open source values and corporate customers’ needs in a profitable, sustainable business.