Tiger Global, SoftBank invest in cloud firm Redis Labs at $2b valuation

FILE PHOTO: Japan's SoftBank Group Corp Chief Executive Masayoshi Son bows his head after his presentation at a news conference in Tokyo, Japan, Nov. 5, 2018. REUTERS/Kim Kyung-Hoon/File Photo

SoftBank Group Corp’s Vision Fund 2 and private equity firm Tiger Global Management have invested in Redis Labs, a real-time cloud analytics platform provider, in a late-stage funding round valuing the firm at over $2 billion.

Existing investor TCV also participated in the round which raised $110 million, bringing the net amount so far to $347 million, the company said on Wednesday.

The company’s other investors include Bain Capital Ventures, Francisco Partners, Goldman Sachs Growth, Viola Ventures and Dell Technologies Capital.

Founded in 2011 by Ofer Bengal and Yiftach Shoolman in Tel Aviv, Israel, Redis Labs‘ platform helps organizations process, analyze and forecast data effectively. It has deployed over 1 million databases so far.

The Mountain View, California-based firm has more than 8,000 paying customers including MasterCard Inc, Dell Technologies Inc, Fiserv Inc, Home Depot Inc and Microsoft Corp.

Redis Labs‘ products include in-memory database Redis and Redis Enterprise Cloud, a database-as-a-service offering. The company has an alliance with Microsoft to bring its Redis Enterprise-powered tiers to Azure Cache for Redis.

Its revenue grew by 54% over the last three years ended Jan. 3, 2021.

“As workloads increasingly move to the cloud, we believe Redis Labs is a leader who is transforming the database market,” said Vikas Parekh, Partner at SoftBank Investment Advisers.

Japan’s SoftBank has made serial investments in multiple tech companies in the past few weeks, such as U.S. genetic diagnostics company Invitae Corp and Facebook-backed Indian social commerce startup Meesho.

Earlier on Wednesday, SoftBank Vision Fund 2 also led a $640 million funding round for image recognition technology firm Trax along with BlackRock Inc.

Reuters

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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.