Today we’re announcing Docker’s closing of $105 million in Series C financing to accelerate our vision of enabling developers to spend more time on innovation, less time on everything else. The round was led by new investor Bain Capital Ventures (BCV) and includes additional new investors Atlassian Ventures, Citi Ventures, Vertex, and Four Rivers and existing investors Benchmark, Insight, and Tribe. Enrique Salem, BCV partner, will join the Docker board.
This is a humbling milestone in our journey since our November 2019 restructuring, when we refocused on the needs of developers. In consistently delivering on this focus during these 2.5 years, we’ve enabled growth in the Docker developer community to 16 million monthly actives, 10 million registered developers, and 14 million Docker Hub applications. By empowering developers to rapidly and safely build mission-critical applications for their businesses, we’re honored to have scaled to 56,000 paying customers. This includes over 70% of the Fortune 100 with nine of 10 top technology companies, eight of the top 10 banks, eight of the top 10 retailers, eight of the top 10 media companies, and seven of the top 10 healthcare companies. This trust of our customers fueled more than 4X year-over-year growth in ARR.
This raise was only possible through the incredible efforts of the Docker team: Thank you for striving to be your best and living our virtues yourselves, with your teams, and throughout our company, every single day. And we thank our developer community of users, contributors, customers, partners, and Docker Captains – without you, Docker wouldn’t be here.
More Apps, More Developers, More Innovation
This funding is in the context of tectonic industry shifts which are fueling developers’ use of Docker. Specifically, analysts forecast that 500 million apps will be built by the end of 2023 – that’s more than the total apps built in the entire 40-year history of information technology. Furthermore, the job market for developers to build those apps is growing 8X faster than the average occupation, to more than 45 million developers this decade. Finally, the explosion in the number of apps and their dependence on open source components has increased attacks on software supply chains by 7.5 times year-over-year.
Docker continues to grow because it helps developers meet these industry challenges. Using Docker, development teams release 13X more frequently, ramp productivity with new technologies in 65% less time, and compress the mean-time-to-remediation (MTTR) of security vulnerabilities by 62%. Furthermore, Docker not only underpins today’s initiatives focused on app modernization and microservices, it also enables tomorrow’s with its support for serverless / FaaS, WebAssembly, Web3 / blockchain, and more.
The Next Leg of Our Journey
We will use the proceeds of this raise to accelerate our vision of helping developers spend more time on innovation, less time on everything else. Specifically, we will invest further to speed-up the developer’s “inner loop” frequency in Docker Desktop, including easier development of Kubernetes applications, performance and reliability improvements, enhanced visibility of an application’s components, and extensibility by ecosystem partners. In addition to such productivity improvements, we will increase our investments in helping developers build secure applications “auto-magically” by default using their existing tools, workflows, and trusted content.
Furthermore, this raise allows us to continue to sustainably grow the Docker developer community and our business. Growing sustainably is how our Docker Personal plan – which includes Docker Desktop – stays free. To date, our sustainable growth approach has enabled us to support 100% for free 10 million registered Docker developers, 35 million Docker Engine downloads / month, 14 PB of container image storage, 31 PB / month in container image network egress, and much more.
In closing, we’re excited by the rocket fuel this funding provides for the next leg of our journey together. Many thanks to everyone again for the support, and here’s to more build, more share, more run!
Sources: IDC, Sonatype, US Bureau of Labor Statistics, Developer Nation, Docker internal analyses.