Redis Labs becomes a unicorn after $100m fundraising

Photo by Glenn Carstens-Peters on Unsplash

Database software startup Redis Labs has raised a $100-million Series F round led by Bain Capital Ventures and TCV, at a valuation of over $1 billion. Existing investors Francisco Partners, Goldman Sachs Growth, Viola Ventures and Dell Technologies Capital also participated in the round.

Redis Labs, known for its open-source database, has so far raised over $246 million.

Globally, Redis Labs has more than 7,500 customers, including Mastercard, Microsoft, Home Depot, Dell, Fiserv, Costco, Gap and Groupon. In India, it caters to companies across sectors ranging from Saas startup Freshworks, messaging service Hike, matchmaker Matrimony.com, online payments Razorpay and OTT platforms such as SonyLiv. The US-headquartered firm will use this capital to expand the global Redis community, beef up its go-to-market team and programmes, invest in product development, expand sales and marketing, and build partnerships, besides developing and launch Redis AI.

“India is one of our fastest growing markets over the past 18 months and we’ve made significant investments there to support and grow the massive opportunity…our success is driven by two factors—developers love for Redis, and the move to the cloud by so many companies in India,” said Ofer Bengal, co-founder and CEO, Redis Labs.

The article was first published on Livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.