Israeli database software Redis Labs announced today that it has completed a $ 110 million series of G-series financing led by new investor Tiger Global, which estimates the company at more than $ 2 billion. The new investor SoftBank Vision Fund 2 * and the existing investor TCV also participated in the round. Tiger, SoftBank and TCV also acquired additional ownership as part of a $ 200 million secondary transaction.
Redis Labs, founded in 2011 by CEO Ofer Bengal and CTO Yiftach Shoolman, has raised a net $ 347 million and will continue to invest in international expansion, improving its real-time data platform and providing customer support. Other investors in the company include Bain Capital Ventures, Francisco Partners, Goldman Sachs Growth, Viola Ventures and Dell Technologies Capital.
Bengal said, “We founded Redis Labs with the idea that the future of the database market will be defined by performance, where Redis excels. With the commitment of our team, Redis has become a business-level data platform that handles almost every real-time case in every industry.”
Redis Labs ended a strong fiscal year that ended in January 2021 as the need for real-time data collection and analytics accelerated for every business. This included revenue growth of over 54% (CAGR) over the three years ended January 31, 2021 with more than 8,000 paying customers, including 31% Fortune 100 and a net retention rate greater than 120%.
Posted by Globes, business news in Israel – en.globes.co.il – April 7, 2021
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