Redis Labs, the company behind the popular open source database, announced Wednesday that it closed its Series G funding round, securing $110 million in financing and bringing its valuation up to more than $2 billion. The financing is led by Tiger Global and includes participation from Softbank Vision Fund 2 -- both new investors in the company.
Redis Labs, which was founded in 2011, has now raised a net amount of $347 million and plans to use its financing to expand its global footprint, advance its real-time data platform and deliver customer support.
The new funding round effectively doubles Redis Labs' valuation from August 2020, when its Series E financing gave the company an estimated worth upwards of $1 billion. The company has benefitted from the fast-growing need for real-time data collection and analytics, it says. Redis Labs' mission is "to make Redis the de facto real-time data platform companies choose to meet their customers' expectations," co-founder and CEO Ofer Bengal said in a statement."
"We founded Redis Labs with the idea that the future of the database market would be defined by performance, where Redis excels," he said. "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."
In January 2021, Redis Labs closed its most recent fiscal year with more than 8,000 paying customers, including 31 percent of the Fortune 100. Over three years ending on January 31, the company saw revenue growth of over 54 percent (CAGR).
In addition to announcing its Series G funding, Redis Labs said that Tiger, Softbank, and Redis Labs investor TCV have acquired additional ownership as part of a $200 million secondary transaction.
Redis Labs' other investors include Bain Capital Ventures, Francisco Partners, Goldman Sachs Growth, Viola Ventures, and Dell Technologies Capital.