European Investment Bank (EIB) has granted 25 million to Finnish open source database company MariaDB. MariaDB Corporation’s solution – MariaDB – is the world’s fastest growing open source database, which is likely to continue its success story with the help of this massive growth funding. Notably this is the largest funding that EIB has ever granted to any company in the Nordics, and is the first time EIB is supporting MariaDB.
“EIB fund will enable us to improve Maria DB’s operations and continue develop new features that make our product the easiest to use and scale regardless of the environment.” – Kenneth Paqvalén, CFO of MariaDB describes.
The purpose of this funding is to support MariaDB’s product development and thus ensure that the company is able to serve its rapidly increasing international customer case. Currently MariaDB has over 12 million users. This includes companies such as Booking.com, Virgin Mobile and Wikipedia who have entrusted MariaDB to power their applications. Moreover, the funding will also support the company’s marketing and sales functions in Europe, America and Asia. MariaDB is also planning on hiring new talent especially in Finland where they are specifically seeking for candidates with expertise in databases.
When it comes to database market, it is going through remarkable changes since innovators are disrupting the industry with new business models and open code solutions. According to market intelligence firm IDC, the database market is estimated to surpass the value of 50 million dollars by the year 2017. Likewise, popularity of open source databases is rapidly increasing. Gartner predicts that half of the commercial databases will be based on open code by 2018.