Internet and telecommunications group SoftBank’s Vision Fund 2 helped US-based database software developer Redis Labs close a $110m series G round yesterday valuing it at over $2bn.
Hedge fund manager Tiger Global Management led the round, which included growth equity firm TCV, with all three investors acquiring additional ownership stakes in the company through a $200m secondary transaction.
Redis operates an open-source database platform that enables users to process and analyses their data in real time, supporting predictive decision making.
The company has raised $347m since it was founded in 2011, including a $100m series F round in August 2020 co-led by TCV and Bain Capital Ventures, the venture capital arm of private equity firm Bain Capital.
Dell Technologies Capital, the corporate venturing arm of computing technology producer Dell, also took part in the round, as did investment bank Goldman Sachs’ Growth fund, Francisco Partners and Viola Ventures.
The company secured $60m in an early 2019 series E round backed by Dell Technologies Capital, Francisco Partners, Goldman Sachs Private Capital Investing, Bain Capital Ventures and Viola Ventures.
Dell Technologies Capital also took part in a $44m series D round for Redis in 2017 that was led by Goldman Sachs Private Capital and which also featured existing backers Viola Ventures (then Carmel Ventures) and Bain Capital Ventures. Its earlier investors include Silicon Valley Bank and Zohar Gilon.