MongoDB, Inc. (MDB): History, Ownership, Mission, How It Works & Makes Money

Ever wondered how companies manage massive amounts of data in today's fast-paced digital world? MongoDB, Inc. (MDB) stands out as a key player, but how exactly does it work and make money? Join us as we delve into the history, ownership structure, mission, and operational model of MongoDB, a company that reported a 31% year-over-year increase in total revenue, reaching $1.68 billion for the full fiscal year 2024, and boasting over 47,800 customers as of January 31, 2024.

What makes MongoDB a critical platform for modern application development, and how does its flexible and scalable platform leverage artificial intelligence? Keep reading to uncover the details of MongoDB's journey, its strategic focus, and its impact on the tech industry.

MongoDB, Inc. (MDB) History

[Company's] Founding Timeline

Year established

The company was established in 2007.

Original location

The company was originally located in the heart of New York City.

Founding team members

The founding team consisted of:

• Dwight Merriman
• Eliot Horowitz
• Kevin Ryan

These individuals brought diverse expertise to the table, setting the stage for the company's innovative approach to database management.

Initial capital/funding

In 2008, the company secured an initial Series A funding round of $7 million led by Union Square Ventures. This early investment was crucial for developing the initial product and establishing a market presence.

[Company's] Evolution Milestones

[Company's] Transformative Moments

Several transformative decisions and moments have shaped the company’s trajectory:

• Open Source Strategy: The decision to embrace open-source early on fostered a community-driven development model, attracting a broad base of users and contributors.
• Cloud-First Approach: The launch of Atlas in 2017 signaled a strategic shift towards cloud services, capitalizing on the growing demand for managed database solutions.
• Focus on Developer Experience: The company has consistently prioritized developer experience, providing comprehensive documentation, tools, and support, which has been crucial in driving adoption among developers.
• Strategic Acquisitions: Acquisitions like Realm have expanded the company’s product offerings and technological capabilities, allowing it to address a wider range of use cases.

To gain further insights into the company's guiding principles, explore: Mission Statement, Vision, & Core Values of MongoDB, Inc. (MDB).

MongoDB, Inc. (MDB) Ownership Structure

Understanding MongoDB's ownership structure provides insights into who controls the company and whose interests might be prioritized in strategic decision-making. The company has a mix of institutional, insider, and retail ownership, which is typical for publicly traded companies.

MongoDB's Current Status

MongoDB Inc. is a publicly traded company, meaning its shares are available for purchase by the general public on the stock market. It is listed on the NASDAQ under the ticker symbol MDB.

MongoDB's Ownership Breakdown

As MongoDB operates as a publicly held entity, its shares are distributed among various types of shareholders. The following table summarizes the ownership breakdown:

MongoDB's Leadership

MongoDB's direction is steered by a team of experienced executives and a board of directors. Here are some of the key figures:

• Dev Ittycheria: President and Chief Executive Officer
• Michael Gordon: Chief Operating Officer and Chief Financial Officer
• Priya Gohil: Chief People Officer
• Alan Chhabra: Executive Vice President, Partners

The Board of Directors includes individuals with diverse backgrounds in technology, finance, and management, providing guidance and oversight to the company's strategic direction. More information about MongoDB can be found here: Mission Statement, Vision, & Core Values of MongoDB, Inc. (MDB).

MongoDB, Inc. (MDB) Mission and Values

MongoDB's mission is to empower innovators to create, transform, and disrupt industries by unleashing the power of software and data. The company values innovation, speed, and customer success, aiming to build a data platform that is both powerful and easy to use.

MongoDB's Core Purpose

Official mission statement

MongoDB's official mission statement is: 'To empower innovators to create, transform, and disrupt industries by unleashing the power of software and data.' This statement underscores MongoDB's commitment to providing a platform that enables developers and businesses to build and scale applications more effectively.

• Focus on empowering innovators: MongoDB aims to provide tools and technologies that enable developers and businesses to create new and innovative solutions.
• Transform and disrupt industries: MongoDB seeks to be a catalyst for change, helping organizations transform their operations and disrupt existing markets.
• Unleashing the power of software and data: MongoDB recognizes the importance of software and data in today's world and strives to provide a platform that makes it easier to harness their potential.

Vision statement

While MongoDB doesn't have a single, explicitly stated vision statement, their actions and communications suggest a vision centered around being the leading modern data platform. This vision encompasses several key aspects:

• Developer-centric approach: MongoDB aims to be the preferred database for developers, offering a flexible and intuitive platform that simplifies the development process.
• Cloud-native focus: MongoDB is committed to providing a cloud-native database that is easy to deploy and manage in any cloud environment.
• Data innovation: MongoDB strives to be at the forefront of data innovation, offering new and advanced features that enable businesses to gain deeper insights from their data.

Company slogan/tagline

MongoDB's current primary tagline is 'Run Anywhere. Develop Anything. Scale Globally.' This tagline encapsulates the key benefits of using MongoDB's platform:

• Run Anywhere: MongoDB can be deployed on a variety of platforms, including on-premises, in the cloud, and in hybrid environments.
• Develop Anything: MongoDB's flexible data model and comprehensive feature set make it suitable for a wide range of applications.
• Scale Globally: MongoDB is designed to scale to meet the needs of even the most demanding applications.

To learn more about MongoDB's financial performance, check out: Breaking Down MongoDB, Inc. (MDB) Financial Health: Key Insights for Investors

MongoDB, Inc. (MDB) How It Works

MongoDB, Inc. operates by providing a modern, general purpose database platform designed to unleash the power of software and data for developers and the applications they build. It primarily generates revenue through its database platform, MongoDB Atlas, and related services.

MongoDB's Product/Service Portfolio

MongoDB's Operational Framework

MongoDB's operational framework is centered around providing a comprehensive database platform that addresses the diverse needs of its users. Key aspects of their operations include:

• Product Development: Continuously enhancing the MongoDB platform with new features, performance improvements, and security updates.
• Cloud Operations: Managing and scaling the MongoDB Atlas cloud service to ensure high availability, performance, and security for customers.
• Sales and Marketing: Reaching out to potential customers through various channels, including online marketing, events, and direct sales efforts.
• Customer Support: Providing technical support and assistance to customers to ensure their success with MongoDB.
• Open Source Engagement: Maintaining the MongoDB Community Edition and fostering a vibrant open-source community around the platform.

MongoDB invests significantly in research and development to stay at the forefront of database technology. According to their 2024 annual report, research and development expenses were $631.6 million, or 40% of total revenue.

MongoDB's Strategic Advantages

MongoDB's success is driven by several strategic advantages:

• Developer-Friendly Data Model: MongoDB's document-oriented data model is more flexible and easier to use than traditional relational databases, making it popular among developers.
• Cloud-Native Architecture: MongoDB Atlas is designed to run on modern cloud infrastructure, providing scalability, resilience, and cost-efficiency.
• Comprehensive Platform: MongoDB offers a complete suite of database services, including search, data lake, and device sync, reducing the need for customers to integrate multiple tools.
• Strong Open Source Community: The MongoDB Community Edition has a large and active community of users and contributors, fostering innovation and providing support.
• Go-to-Market Strategy: MongoDB's go-to-market strategy focuses on a combination of self-service adoption through MongoDB Atlas and direct sales for larger enterprise customers.

To understand better the company's goals, read more here: Mission Statement, Vision, & Core Values of MongoDB, Inc. (MDB).

MongoDB, Inc. (MDB) How It Makes Money

MongoDB primarily generates revenue by providing a modern, general purpose database platform. This platform is designed to unleash the power of software and data for developers and the applications they build.

MongoDB's Revenue Breakdown

Here's a look at how MongoDB's revenue streams contribute to its overall financial picture:

MongoDB's Business Economics

MongoDB's business economics are driven by its subscription-based model and the increasing adoption of its cloud-based database platform, Atlas. Key aspects include:

• Subscription Model: The majority of MongoDB’s revenue comes from subscriptions to its software and cloud services. This provides a recurring revenue stream.
• MongoDB Atlas: This is the cloud-based database-as-a-service offering. Atlas simplifies database management and allows users to focus on application development. Its adoption is a significant growth driver.
• Developer Focus: MongoDB targets developers, offering them tools and a flexible data model that suits modern application development needs. This helps drive adoption within organizations.
• Open Source: While MongoDB offers a commercial version, its open-source roots help attract developers and create a community around the product, which can lead to increased adoption of its commercial offerings.

For more insights into MongoDB's financial health, check out this analysis: Breaking Down MongoDB, Inc. (MDB) Financial Health: Key Insights for Investors

MongoDB's Financial Performance

MongoDB's financial performance can be highlighted by the following:

• In the fiscal year 2024, MongoDB's total revenue was $1.68 billion, a 22% increase year-over-year.
• Subscription revenue accounted for $1.61 billion, representing a 22% increase year-over-year and 96% of total revenue.
• Services revenue was $68.1 million, up 20% year-over-year and 4% of total revenue.
• MongoDB Atlas revenue grew by 26% year-over-year, now representing 70% of total revenue.
• The company had over 49,400 customers by the end of fiscal year 2024.

MongoDB, Inc. (MDB) Market Position & Future Outlook

As of April 2025, MongoDB, Inc. holds a strong position in the database management market, driven by its innovative NoSQL database platform and developer-friendly approach. The company's future outlook appears positive, with continued growth expected in cloud database services and application modernization.

Competitive Landscape

Opportunities & Challenges

Industry Position

MongoDB's industry position is characterized by:

• A strong presence in the NoSQL database market.
• A reputation for being developer-friendly.
• Growing adoption among enterprises for modern applications.
• Focus on cloud database services with offerings like MongoDB Atlas.

To delve deeper into MongoDB's core principles, explore: Mission Statement, Vision, & Core Values of MongoDB, Inc. (MDB).