Finnish open-source-as-a-service provider Aiven received $210 million in funding this week, adding $1 billion to its nominal valuation in just nine months.
The Series D cash injection – led by Eurazeo, and joined by funds and accounts managed by BlackRock as well as existing investors IVP, Atomico, Earlybird, World Innovation Lab, and Salesforce Ventures – follows $60 million Series C funding which valued the firm at $2 billion.
The latest investment round values the company at $3 billion. It's remarkable considering it only supports open-source software and was worth $800 million when it got its first $100 million tranche of Series C funding in March last year.
Aiven sells open-source data technologies as a managed service. Unlike some DBaaS systems, which sell proprietary or less permissive licenses for their as-a-service offerings built on open-source technologies, Aiven says it provides a stack of as-a-service systems in their true open-source form.
CEO Oskari Saarenmaa said the company's capitalization was more than sufficient from the earlier round but when the opportunity came for more funding, the company took it in order to help fund long-term growth.