Redis Labs Raises $110 Million Led by Tiger Global Management
SoftBank Vision Fund 2 and TCV join Series G financing which brings company valuation to more than $2 billion
MOUNTAIN VIEW, Calif., April 7, 2021-- Redis Labs today 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.
"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," said Ofer Bengal, Co-Founder and CEO at Redis Labs. "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.”
“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,” said John Curtius, Partner at Tiger Global Management. “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.”
“As workloads increasingly move to the cloud, we believe 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,'' said Vikas Parekh, Partner at SoftBank Investment Advisers. “We’re excited to partner with the Redis Labs team and support their ambition to lead the transition to the real-time economy.”
“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,” said Gopi Vaddi, General Partner at TCV. “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.”
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.
*As of the date of this press release, SoftBank Group Corp. has made capital contributions to allow investments by SoftBank Vision Fund 2 ("SVF 2") in certain portfolio companies. The information included herein is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interests in any fund, including SVF 2. SVF 2 has yet to have an external close, and any potential third-party investors shall receive additional information related to any SVF 2 investments prior to closing.
About Redis Labs
Data is the lifeline of every business, and Redis Labs helps organizations reimagine how quickly they can process, analyze, 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.
Learn how Redis Labs can give you this edge at redislabs.com.
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