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Amended Filings Indicate Docker May Be Raising Additional Capital

Paperwork filed with the SEC indicates that Docker, a leading company in the software containerization space, is raising additional capital. However, it is unclear how much has been raised and how much the company intends to raise in this new round of funding.

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Upon seeing the filing, Crunchbase News reached out via phone and email to Docker seeking comment. We haven’t heard back, but we will update the story as new information becomes available.

Before explaining the potential ambiguity, here’s what today’s filing says. Docker has raised a smidgeon over $91.9 million out of a targeted $191.8 million, and 31 investors have contributed capital to the round. This information led TechCrunch to initially report that Docker has raised $92 million in de novo funding.

However, key details in the filing casts some doubt on the size and status of the round, at least until the company provides additional information.

Today’s filing indicates the date of first sale took place on September 25, 2017, over a year ago. Indeed, the filing today is an amendment to an initial filing submitted on October 6, 2017 coinciding with coverage of the company targeting $75 million for a Series E round. The initial filing says the company had raised approximately $61.8 million out of $75 million it was hoping to raise in the round.

Prior to today’s amendment, the filing was amended last Thursday (October 11th), roughly one year after the initial filing, which is in line with regulatory requirements to periodically update Form D filings if the offering is ongoing. That amendment disclosed no additional incremental cash raised and made no changes to the $75 million target. The only change was the number of investors participating in the offering: from 30 in the October 2017 filing to 31 disclosed in the amended filing from Thursday.

However, the amendment filed today does disclose an incremental cash raise of just under $30.1 million and a moved goalpost from $75 million to $191.8 million.

In other words, without further information from the company, one of (at least) two situations are possible here:

  1. The company has indeed raised almost $92 million of a targeted $191.8 million in totally new funding, and the company’s lawyers opted to amend a prior filing instead of issuing a brand new Form D.
  2. The company has only raised an additional $30.1 million in incremental funding but is targeting a total of $191.8 million, as some sort of extension to its Series E round.

Again, more information is needed from the company and this piece will be updated as we learn more.

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Illustration: Li-Anne Dias

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