US-based database software producer Redis Labs completed its series F round yesterday having raised more than $100m from investors including computing technology provider Dell’s corporate venturing unit, Dell Technologies Capital.
The round was led by growth equity firm TCV and Bain Capital Ventures, the venture capital arm of private equity firm Bain Capital, and valued the company above $1bn. Investment bank Goldman Sachs’ Growth fund, Francisco Partners and Viola Ventures also took part.
Founded in 2011, Redis Labs has built an open source database platform called Redis which allows enterprise customers to manage, process and analyse data in real time and utilise it in business decisions.
The company plans to use the series F proceeds to expand a customer base already over the 7,500 mark while strengthening its product and support services and growing its go-to-market team.
Ofer Bengal, co-Founder and chief executive of Redis Labs, said: “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.”
The round pushed the total raised by Redis to more than $246m and followed $60m in series E funding from Dell Technologies Capital, Francisco Partners, Goldman Sachs Private Capital Investing, Bain Capital Ventures and Viola Ventures in February 2019.
Goldman Sachs Private Capital Investing led Redis’s $44m series D round in 2017, investing with Dell Technologies Capital and existing backers Viola Ventures (then Carmel Ventures) and Bain Capital Ventures. Its earlier investors include Silicon Valley Bank and Zohar Gilon.
