Redis Labs valuation doubles to $2 bn with Tiger Global-led investment

Mountain View, California headquartered Redis Labs, which operates opensource database management system NoSQL and Redis Enterprise, has raised $110 million in a growth funding round, at a valuation of over $2 billion.  

Tiger Global led the round, dubbed Series G, which saw the US firm’s valuation double from its previous fundraise – a $100 million round in August 2020. 

SoftBank Vision Fund 2, which is yet to announce its final close, also participated in the round, along with returning investor TCV, as per a statement.  

Additionally, the round has a separate $200 million component of secondary transaction, the statement said.  

The company will utilise the fresh capital to expand its global footprint and advance its real time data platform, said the statement.  

Founded in 2011 by Ofer Bengal and Yiftach Shoolman, Redis Labs has raised $347 million to date. It works with enterprises to help them manage, process, analyse and make data predictions through siloed set of information to improve customer experience.  

It works with multiple Indian startups and enterprises, including ShareChat, Freshworks and Razorpay.  

In April 2019, Redis labs acquired the software RDBTools from Bengaluru-based HashedIn for an undisclosed amount. The acquisition helped Redis Labs provide a standard user interface. 

“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," Bengal, also the CEO of Redis Labs, said in the statement, commenting on the fresh fundraise.  

"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,” he said.  

John Curtius, partner at Tiger Global Management, said in the statement, “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.”