25
Feb
Posted by Mayank Bawa in Blogroll on February 25, 2009

We announced today that we’ve raised another $5.1M as an addendum to our Series B.

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Institutional Venture Partners (IVP) led this addendum to bring our total Series B raise to $17.1M. IVP is very clearly the best later-stage VC firm in Silicon Valley, and it is great to have them on our side as we continue to grow our company. IVP has backed such enterprises as Netflix, WebEx, MySQL, Data Domain, Juniper Networks, and Akamai.

Steve Harrick, Partner at IVP, led this investment for IVP. Steve has a great understanding of the technology infrastructure companies poised to lead their markets. He has led IVP’s investments at WebEx and MySQL and was recently recognized by Forbes Magazine’s 2009 Midas List as one of the leading venture investors in the US.

We had met Steve during our rounds of Series B meetings in Q4 2008 and had really liked and respected each other. At that point, we didn’t have space for two venture firms - having decided to raise $12M; we decided to separate, promising to keep in touch for the future.

In Q1 2009, as the economy grew more uncertain, we re-visited our decision and realized that it would be more prudent to pro-actively build a bigger cash reserve to ensure that we did not stumble in our growth, even as the market deteriorates, and a recovery continues to inch away.

Steve was happy to step in and participate in Aster at the same terms as our Series B. We were delighted to have a person of Steve’s caliber participate whole-heartedly in our growth.

Finally, there has to be some weird co-incidence in the manner in which all of our Series A and Series B venture capital firm participants (Sequoia Capital, JAFCO Ventures, and now IVP) have been investors in database companies that have had successful returns (Netezza, Datallegro, MySQL).

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