Israeli co Redis Labs raises $310m at over $2b valuation

Ofer Bengal and Yiftach Shoolman  / Photo: Redis Labs

The financing round in the database software company included a $200 million secondary transaction.

Israeli database software Redis Labs today announced it has completed a $110 million Series G financing round led by new investor Tiger Global, which brings the company’s valuation to more than $2 billion. Also participating in the round were new investor SoftBank Vision Fund 2*, and existing investor TCV. Tiger, SoftBank, and TCV also acquired additional ownership as part of a $200 million secondary transaction.

Founded in 2011 by CEO Ofer Bengal and CTO Yiftach Shoolman, Redis Labs has now raised a net amount of $347 million and will continue to invest in expanding internationally, advancing its real-time data platform, and delivering customer support. The company’s other investors 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 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."

Redis Labs completed a strong fiscal year ending 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 ending January 31, 2021 with more than 8,000 paying customers, including 31% of the Fortune 100 and net retention rate greater than 120%.

Published by Globes, Israel business news - en.globes.co.il - on April 7, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Ofer Bengal and Yiftach Shoolman  / Photo: Redis Labs
Ofer Bengal and Yiftach Shoolman / Photo: Redis Labs
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