Another day in tech, another company tops $100 million in money raised.
Docker, a fast-moving maker of software for managing applications on a global basis, said Tuesday that it has raised another $95 million. With this fourth round of funding Docker, which two years ago was near extinction, has raised about $160 million.
The company declined to discuss its valuation, but it is likely worth more than $1 billion, up from $400 million last September, according to a source who was not authorized to speak publicly on the issue. But Docker’s chief executive downplayed the importance of the new money.
“Funding is a lagging indicator. Product announcements are more interesting,” said Benjamin Golub, Docker’s chief executive.
Docker’s funding, however, is a good marker of the urgency felt at many tech companies. The technology infrastructure of cloud computing systems and mobile devices is rapidly supplanting older forms of computing. That is now forcing older companies to adjust and new companies to scramble so they might own as much of the market as possible.
Docker is at the center of an open-source project that makes something called “containers,” which enable developers to rapidly make and update software to run harmoniously over a series of clouds, personal computers and mobile devices.
The container business was an afterthought in Docker’s original business, but since open sourcing the software it has become one of the fastest-growing pieces of business software ever. Docker makes money by offering premium versions of the open source product, with things like management software that companies want.
Mr. Golub said Docker still hasn’t spent all of the money from its second round of financing, let alone the $40 million it raised in its “C,” or third, round of funding last September.
“We need to be prepared to add employees, add features, and add functionality that enterprises are asking for – networking, storage, additional security,” he said.
Docker’s newest funding round included investments from Goldman Sachs, Coatue Management, Northern Trust, and was led by Insight Venture Partners. Earlier investors also contributed money.