A database software startup with a business built on the open-source model has filed for an IPO in the US. That startup is Couchbase Inc, which provides an eponymous NoSQL cloud database used by developers. 

• Couchbase has unveiled an S-1 filing with the US SEC for a public listing. The listing would mark a solid exit for the startup which was founded exactly a decade ago. 

• Couchbase has built a business for itself providing additional services to its eponymous open-source database software package. Such a business based on open-source software has been repeated successfully many times, though it carries the risk of a downturn if that software gets out of fashion, as has also been seen many times.

• As usual, we’ll point out some important information from Couchbase’s S-1 filing, mostly on its revenue figures, right here.

Details

• Couchbase had $103mn in revenue in its most recent fiscal year ended January 31, 2021. In the preceding year, it brought in $83mn in sales. The company makes money mostly on a subscription basis to its database software services.

• Couchbase isn’t profitable on a net basis, reporting a net loss of $40mn in its most recent year and $29mn in the year before that. 

• In the three months ended April 30, 2021, Couchbase brought in $28mn in revenue, up 21% year-over-year.

• Going into its IPO, major Couchbase shareholders include investors Accel (20.9%), North Bridge (13.7%), and GPI Capital (13%). Along with them are CEO Matthew Cain (4.1%) and board director Jeff Epstein (no, not that one).

• Couchbase has raised some $250mn in venture funding over the years. From its last financing round, the company was valued at $580mn, according to PitchBook data.

• The company intends to list on the Nasdaq exchange with the trading symbol “BASE”.

More IPOs;

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