SoftBank's Vision Fund 2 steps up to boost the coffers of NoSQL database biz
Lindsay Clark
Wed 7 Apr 2021 // 16:27 UTC
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Redis Labs, a commercial backer of the open-source key-value store database Redis, has secured $110m in funding, with backers including Softbank Vision Fund 2.
The Series G round values the company at around $2bn and is led by Tiger Global, a private equity firm with a hedge fund background, and includes existing investor TCV. The three investors will separately acquire additional ownership as part of a $200m secondary transaction.
The open-source Redis database has been making waves of late and was named the most popular database on Amazon Web Services in a Sumo Logic study of 2,100 companies. Its popularity as a database, a cache, and a message broker in modern cloud architecture provides an explanation for its position in the AWS ranking.