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Redis Labs bags $110M in new round reaching $2B valuation

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Database company Redis Labs on Wednesday said it had closed $110 million (about Rs 818 crore) in financing led by a new investor, Tiger Global, which brings the company’s valuation to more than $2 billion.

The company’s Series G round also includes participation from another new investor, SoftBank Vision Fund 2, and existing Redis Labs investor TCV.

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Additionally, Tiger, SoftBank, and TCV acquired additional ownership as part of a $200 million secondary transaction.

Founded in 2011 by Ofer Bengal (CEO) and Yiftach Shoolman (CTO), Redis Labs has raised a net amount of $347 million.

The company said it will continue to invest in expanding its global footprint.

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The company’s existing investors include Bain Capital Ventures, Francisco Partners, Goldman Sachs Growth, Viola Ventures, TCV, and Dell Technologies Capital.

“We founded Redis Labs with the idea that the future of the database market would be defined by performance, where Redis excels.

“Through the dedication of our team, Redis has become an enterprise-grade data platform to tackle nearly any real-time use case across every industry.

“Partnering with exceptional new investors such as Tiger Global and SoftBank, in addition to the continued belief of our existing investors like TCV, validates our mission to make Redis the de facto real-time data platform companies choose to meet their customers’ expectations,” Bengal said in a statement.

Redis Labs said closed an “exceptional fiscal year” ending in January 2021 as the need for real-time data collection and analytics has accelerated for every business.

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