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Docker Raises $23 Million to Capitalize on Accelerating Demand for Modern Apps and to Increase Developer Velocity
Docker, Inc. announced $23 million in Series B funding led by Silicon Valley venture capital firm Tribe Capital, with participation from existing investors Benchmark and Insight Partners. This round brings Docker's total funding to $58 million. Tribe Capital Co-Founder and Partner Arjun Sethi will join Docker's Board of Directors. The investment will be used to drive further product innovation for millions of developers who rely on Docker for simplicity, choice and speed when building modern applications.

"Docker's innovative technology has played a critical role in our tech stack, and now it's also earned a spot in our investment portfolio," said Arjun Sethi of Tribe Capital. "Tribe focuses on identifying N-of-1 companies - top-decile private tech firms that are exhibiting inflection points in their growth, with the potential to scale towards outsized outcomes with long-term venture capital. Docker fits squarely into this investment thesis, and we look forward to supporting its continued success."

The funding comes after a year of accelerating momentum for Docker, including year-over-year ARR growth of 170%. Nearly 7.5 million developers and development teams, including those at Netflix, Wachovia and Orbital Sciences, rely on Docker to quickly and collaboratively build and share applications that can run anywhere. Docker adoption remains significant among developers with approximately 30 billion image pulls on Docker in the fourth quarter alone. Additionally, Docker was named the #1 most-wanted platform and #2 most-loved platform in the latest Stack Overflow Developer Survey.

Today's developers are under pressure to build apps faster than ever before but face a complex application development landscape with a variety of languages, frameworks, microservices and architectures. The events of the past year have wrought even more demand for applications as essentially all businesses expedited their digital transformation initiatives to address new working environments. Docker's collaborative application development platform accelerates software development from source code to cloud by uniquely simplifying developer workflows, providing trusted application components and integrating with leading developer tools that allow teams to rapidly create innovative applications.

"In the past year, applications have become paramount to not only all modern businesses but also as the primary means to connect society, all of which has greatly accelerated the need for developer velocity," said Scott Johnston, CEO of Docker. "This new investment, combined with our user and ARR growth momentum, validates Docker's mission of helping developers and development teams bring their ideas to life by conquering the complexity of app development."

Published Wednesday, March 17, 2021 8:33 AM by David Marshall
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