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