With $100 mil. round, database startup Redis Labs becomes unicorn

The infusion of capital follows a surge in demand for the company's platform that helps enterprises leverage and maximize the power of their data

Shekel money bills (photo credit: REUTERS)
Shekel money bills
(photo credit: REUTERS)
Israel's Redis Labs, the company behind open-source database Redis and the provider of Redis Enterprise, announced Tuesday it has secured $100 million in Series F financing that has boosted the company's valuation to more than $1 billion. 
Redis said it will use the funding to expand its team and programs, invest in product and support services to deliver even more value for customers, and continue its growth in the global market.
The latest investment was co-led by Bain Capital Ventures and TCV, with participation by the company’s existing investors Francisco Partners, Goldman Sachs Growth, Viola Ventures, and Dell Technologies Capital.  Redis has now raised over $246 million since it was founded nine years ago.
"This investment will enable us to meet the surge in demand from companies representing every market and geography, to scale their Redis deployments and to help them win in the data-driven economy," said Ofer Bengal, Co-Founder and CEO of Redis. 
"The unprecedented conditions brought on by COVID-19 have accelerated business investments in building applications that require real-time, intelligent data processing in the cloud. During this time, Redis has become even more critical to our customers, partners, and community. We will continue to invest in strengthening our community footprint, advancing the Redis technology, and helping our users to do more with Redis.”
According to the company, Redis delivers a real-time data platform that allows companies to manage, process, analyze, and make predictions, thus improving their customer experiences and driving their business forward.
“Redis has become the ideal database for companies to operate intelligently and win in the current economy,” said Enrique Salem, Partner at Bain Capital Ventures. “We’ve long believed in the market opportunity for a high-performance database in the cloud-era and Redis’ potential to lead this category. Since our initial Series A investment, the Redis team has done a remarkable job making Redis an essential tool for developers and being a trusted partner for global enterprises operating at scale." 
Redis is said to have over 7,500 customers including Microsoft, Dell, Costco, Home Depot, Gap, and MasterCard.