Open source database company Redis Labs has announced a late-stage $110 million financing round, bringing its valuation to over $2bn.
This is a Series G round for the company and brings the total funding it’s raised to $347 million. This doesn't include a secondary market transaction also announced this week, in which investors bought equity from each other.
In this funding round, the company snagged two new investors, Tiger Global and SoftBank's Vision Fund. Tiger Global invested in new Redis Labs equity, while also participating in the secondary market transaction along with SoftBank and existing investor TCV.
This is the company's largest round to date. Its Series F last August featured six investors and raised $100 million, while Series E financing in February 2019 raised $60 million, and Series D funding in August 2017 raised $44 million. Funding rounds before that, which extended back to its inception in 2011, raised funds in the low-double digits. Past investors have included Bain Capital Ventures, Francisco Partners, Goldman Sachs Growth, Viola Ventures, TCV, and Dell Technologies Capital.
Redis Labs sponsors the open source Redis database project that uses NoSQL technology instead of traditional relational database structures. One of its biggest selling points is multi-model operation that supports an array of data structures natively in the database, including lists, bitmaps, and sorted sets. It also features module-based expansions for use cases, including search and graphing.
The company has also been aggressively targeting the cloud database market. It offers database options for Azure, Google Cloud, and Amazon Web Services (AWS) and has designed the database so instances in different clouds can communicate with each other and on-premises versions. Gartner named it as a challenger in its Magic Quadrant for Cloud Database Management Systems in November.
