$110M late-stage funding vaults Redis Labs valuation past $2 billion
Less than eight months after closing a $100 million late-stage funding round that valued the company at more than $1 billion, Redis Labs Inc. is further bulking up its coffers with $110 million in financing led by a new investor, Tiger Global Management LLC.
The infusion brings Redis’s total funding to $347 million and its valuation to more than $2 billion. The company said it will use the investment to expand its global reach and support. Redis’ existing investors include blue-chip venture firms Bain Capital Ventures LP, Francisco Partners Management LLC, Goldman Sachs Group Inc.’s Growth fund and Dell Technologies Inc.’s Dell Capital.
“With a strong foundation with developers and in AI applications, Redis has become a critical component for global enterprises to compete in the digital economy,” Vikas Parekh, partner at existing investor Softbank Group Corp.’s Softbank Investment Advisers, said in a statement.
Redis sells a commercial version of an in-memory open-source database management system of the same name that is known for performance. The software can be used a database as well as a cache and message broker with built-in replication, a lightweight embeddable scripting language, least-recently-used cache eviction and customizable levels of on-disk persistence. The open-source version is the top-ranked key-value DBMS on the DB-Engines.com popularity list.
Last August, the company said it had benefited from the COVID-19 pandemic as businesses and healthcare researchers rushed to adopt cloud-based real-time data analytics. Executives today said that momentum contributed to an “exceptional fiscal year” that ended in January, with compound annual revenue growth of 54% and growth in its paid customer base to more than 8,000 firms, including 31 of the Fortune 100.
The company’s Series G round also includes participation from new investor SoftBank Group Corp.’s Vision Fund 2 and existing investor Technology Crossover Ventures LP. Tiger, Softbank, and TCV also acquired additional ownership as part of a $200 million secondary transaction.
Photo: Redis Labs
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