Redis Labs secured $100 Million Funding with Unicorn status

Redis Labs, a California based behind Redis, the open-source database has now secured a $100 million in Series F funding round for more than $1 billion in valuation.

Redis Labs is founded by Ofer Bengal. The company offers a real-time data platform that allows the companies of every industry to manage, analyze, process, and make predictions that will improve their customer experiences and drive their business forward.

Redis Labs now has more than 7000 customers, which includes the Gap, Groupon, Microsoft, Costco, Dell, Fiserv, and MasterCard.

Ofer Bengal, Co-Founder, and CEO at Redis Labs, said, "This investment will enable us to meet the surge in demand from companies representing every market and geography, to scale their Redis deployments and to help them win in the data-driven economy. The unprecedented conditions brought on by COVID-19 have accelerated business investments in building applications that require real-time, intelligent data processing in the cloud. During this time, Redis has become even more critical to our customers, partners, and community. We will continue to invest in strengthening our community footprint, advancing the Redis technology, and helping our users to do more with Redis."

Enrique Salem, Partner at Bain Capital Ventures, said, "Redis has become the ideal database for companies to operate intelligently and win in the current economy. We’ve long believed in the market opportunity for a high-performance database in the cloud-era and Redis’ potential to lead this category. Since our initial Series A investment, the Redis team has done a remarkable job making Redis an essential tool for developers and being a trusted partner for global enterprises operating at scale. We’re thrilled to continue partnering to build a multi-billion dollar database company."

The round was backed by the Bain Capital Ventures and TCV, with participation from the existing investors that is Goldman Sachs Growth, Francisco Partners, Dell Technologies Capital, and Viola Ventures.

The company as of now has plans to use the new funds to grow the global Redis community, invest in the product, and provide world-class support to its customers, notes the announcement.

PC: Pablo, Pixabay