Cockroach Labs hits $2B valuation after raising $160M

Database software developer Cockroach Labs Inc. closed a $160 million funding round that has brought its valuation to $2 billion.

Technology-focused investment firm Altimeter Capital Management LP led the funding round, which drew new investors such as Greenoaks and Lone Pine. Existing investors Benchmark, BOND, FirstMark, GV, Index Ventures and Tiger Global also participated in the fundraiser.

Cockroach Labs will use the proceeds to further invest in product development, including a free version of its cloud database-as-a-service platform CockroachCloud, according to a Jan. 12 official blog post.