Redis Labs, a business located in California, has raised $110 million in a Series G round headed by a new investor, Tiger Global, raising its valuation to over $2 billion. Additionally, TCV, a current shareholder, and SoftBank Vision Fund 2 participated in the round. In a $200 million secondary sale, the investors also picked up more stake.
Redis Labs, founded in 2011 by Ofer Bengal (CEO) and Yiftach Shoolman (CTO), has raised a total of $347 million in funding so far. The firm plans to keep investing in growing its worldwide presence, developing its industry-leading real-time data platform, and providing top-notch customer service.
In addition to the continuous support of our current investors like TCV, collaborating with excellent new investors like Tiger Global and SoftBank “validates our objective to make Redis the de facto real-time data platform enterprises pick to satisfy their consumers’ requirements,” he said.
Existing stakeholders in the business comprise Dell Technologies Capital, Bain Capital Ventures, Francisco Partners, Goldman Sachs Growth, Viola Ventures, and TCV.
To meet the low-latency needs of mission-critical applications and to successfully compete with cloud hyperscalers, Redis Labs has created a real-time data platform.
Redis has developed into a crucial component for multinational corporations to compete in the digital economy, according to Vikas Parekh, Partner at SoftBank Investment Advisers. Redis has a strong foundation among developers and in AI applications.
Gopi Vaddi, General Partner at TCV, stated, “Since working with Redis Labs, we’ve been delighted with the team’s performance throughout the organization and the amount of benefit they are generating for clients.
On April 20–21, Redis Labs will virtually host RedisConf 2021, which is expected to draw more than 5,000 members of the Redis community, clients, and business leaders from across the world. Participants will get the chance to explore the newest product experiences, receive vocational experience, network with other Redis experts, and demonstrate their abilities by taking part in a $100,000 hackathon. Enrollment is currently available.