Israeli-founded database software startup Redis Labs said this week that it has raised USD 100 million in a new Series F funding round, according to American business magazine Forbes.
This brings the cloud technology company’s valuation to over USD 1 billion, making it Israel’s newest unicorn.
The round was led by TCV and longtime investor Bain Capital Ventures, with participation from Francisco Partners, Goldman Sachs Growth, Viola Ventures, and Dell Technologies Capital.
Redis Labs has now raised nearly USD 250 million in total since it was founded in 2011.
CEO Ofer Bengal said the new funding will go towards sales and marketing, the continued sponsorship of open source Redis, and additional product innovation, according to Forbes.
He also said the funds raised positions the company to be one or two years away from filing for an initial public offering, according to Forbes.
“For companies like ours, it’s all about fast growth,” Bengal told Forbes. “Like MongoDB, before they went public, they burned around USD 350 million. The market very much rewards fast growth, so we realize that in order to grow fast, we need to spend. There is no way around it.”
Founded by Israelis Bengal and Yiftach Shoolman, Redis Labs sells software and a cloud computing service based around an open-source database. The company launched an AI capability as part of its service in May. It has more than 8,000 customers across sectors like finance, tech, and healthcare.
This article first appeared in NoCamels, which covers innovations from Israel for a global audience.