$50M Accelerates Big Data Startup Towards IPO


Big Data management firm MapR is looking to go public, but before it does, the company announced a big funding round.

Reports on Tuesday (Aug. 9) said MapR Technologies raised $50 million from several big-name backers. It was led by Australia-based Future Fund, according to reports, with additional participation from existing investors Google Capital, Lightspeed Venture Partners, Mayfield Fund, New Enterprise Associates, Qualcomm Ventures and Redpoint Ventures, reports by TechCrunch said.

The company provides Big Data management services to the enterprise and recently announced a 100 percent increase in its bookings compared to the year prior. American Express, Qualcomm and other major corporations already use MapR services.

“Our ongoing momentum is fueled by a world-class team that is driving innovation and growth across every facet of our organization,” said CEO and Founder John Schroeder in a statement announcing the investment round. “This new funding strengthens our balance sheet as we look ahead to an initial public offering.”

Schroeder declined to tell the outlet how much the company will go for, but reports said that, at its last funding round, MapR was valued at more than $1 billion. The firm has raised a total of $224 million in combined equity and debt financing.