SoftBank Vision Fund 2 and TCV join Series G financing which brings company valuation to more than $2 billion
Redis Labs announced it has closed $110 million 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. 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 now raised a net amount of $347 million and will continue to invest in expanding the company’s global footprint, advancing its market-leading real-time data platform, and delivering world-class customer support.
The company’s existing investors include Bain Capital Ventures, Francisco Partners, Goldman Sachs Growth, Viola Ventures, TCV, and Dell Technologies Capital.
Database market
Commenting on the fundraising, Redis Co-Founder and CEO Ofer Bengal said the company 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,” said Ofer Bengal.
Partnering with exceptional new investors such as Tiger Global and SoftBank, Ofer Bengal said brings in addition to the continued belief of its existing investors like TCV and validates the company’s mission to make Redis the de facto real-time data platform companies choose to meet their customers’ expectations.
Tiger Global Management Partner John Curtius said companies are increasingly looking for ways to leverage the efficiency and flexibility of the cloud to drive their business forward and Redis Labs is the best partner for them in this journey.
Low-latency
“Redis Labs has developed a real-time data platform to solve for low-latency requirements of business-critical applications and the go-to-market strategy to succeed alongside the cloud hyperscalers,” said John Curtius.
SoftBank Investment Advisers Partner Vikas Parekh said as workloads increasingly move to the cloud, the company believes Redis Labs is a leader who is transforming the database market.
“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. We’re excited to partner with the Redis Labs team and support their ambition to lead the transition to the real-time economy,” said Vikas Parekh.
TCV General Partner Gopi Vaddi said since partnering with Redis Labs we’ve been impressed with the team’s execution across the business and the amount of value they are delivering for customers.
Better biz decision
“We’re not only excited about the role Redis is playing as a real-time data platform in the cloud, but the fast-growing opportunity to help companies make greater use of intelligence to make better business decisions and create new customer experiences through data,” said Gopi Vaddi.
Redis Labs closed an exceptional fiscal year ending in January 2021 as the need for real-time data collection and analytics has accelerated for every business. Recent company highlights include:
- Revenue growth of over 54% (CAGR) over the three years ended 1/31/21
- More than 8,000 paying customers, including 31% of the Fortune 100
- Net retention rate greater than 120%
- Delivering advanced technology integrations and joint go-to-market programs for Redis Enterprise Cloud with AWS, Google Cloud, and Microsoft Azure, which includes the general availability of Redis Enterprise-powered tiers on Azure Cache for Redis
- Named by Gartner as a Challenger and the furthest to the right on the Completeness of Vision axis in the Challengers Quadrant in the Gartner 2020 Magic Quadrant for Cloud Database Management Systems
Redis Labs will be hosting RedisConf 2021––virtually, for the second consecutive year––on April 20-21, with more than 5,000 global Redis community members, customers, and industry experts expected to participate in the event.
Attendees will have the opportunity to dive into the latest product experiences, get hands-on training, network with other Redis pros, and show off their skills by participating in a $100,000 hackathon. Registration is open now.
Redis Labs helps organisations reimagine how quickly they can process, analyse, make predictions with, and take action on the data they generate.
As the home of Redis, the most popular open-source database, we provide a competitive edge to global businesses with Redis Enterprise, which delivers superior performance, unmatched reliability, and the best total cost of ownership.
Redis Enterprise allows teams to build performance, scalability, security, and growth into their applications. Designed for the cloud-native world, Redis Enterprise uniquely unifies data across hybrid, multi-cloud, and global applications, to maximize your business potential.
