• By
• Deborah Gage

Database company MongoDB Inc. has raised another $80 million to take on powerful incumbents and startups in the race to win business customers.

The company had named a new president and chief executive, Dev Ittycheria, in August and previously raised $150 million at a valuation of more than $1 billion, making it a member of The Wall Street Journal’s Billion-Dollar Startup Club. That financing came from public market investors including T. Rowe Price and Fidelity Investments.

The new funding round was led by an unnamed sovereign wealth fund and includes Goldman Sachs, T. Rowe Price, Altimeter Capital, New Enterprise Associates and Sequoia Capital.  The financing takes total company funding to $311 million. Valuation for the new round was not disclosed.

“There’s a massive secular trend going on in the marketplace with the scale of data being consumed, the unstructured nature of data, the requirements to always be on and never offline,” said Mr. Ittycheria. “Most developers and IT organizations today realize that modern applications can’t be built on a [database] architecture that was built over 40 years ago.”

MongoDB is one of several young database companies that aims to handle new types of data that are emerging that don’t fit into the traditional columns and rows for which older databases like Oracle were originally designed. However, it claims to be the largest of the new crop, with more than 2,000 customers–including 34 of the Fortune 100–and about nine million downloads.

Venture-backed competitors include DataStax Inc. and Couchbase Inc.

The new money will be used to continue to build the business. MongoDB has patient investors, Mr. Ittycheria said, and the company will continue to stay private for now to make significant investments in the product and focus on long-term goals.

“This is not about going public for the short term and flipping the stock. This is a seminal company,” he said.

Mr. Ittycheria also continues to build MongoDB’s management team. On Thursday the company named a chief revenue officer, Carlos Delatorre, who joined MongoDB from ClearSlide Inc.

MongoDB was targeting $100 million in this funding round, according to a regulatory filing. The round has grown over time and the company is unlikely to take more, a spokeswoman said.

UPDATE: This post was changed to include Goldman Sachs and T. Rowe Price on the list of investors for MongoDB’s new financing.

Write to Deborah Gage at deborah.gage@wsj.com. Follow her on Twitter at @deborahgage