Redis Labs CEO and founder Ofer Bengal
- Database startup Redis Labs announced a $110 million Series G round at a valuation over $2 billion.
- Redis Labs plans to go public within a year, and has hit $100 million in annual recurring revenue.
- Redis Labs is forging more partnerships with Amazon Web Services, Microsoft Azure, and Google Cloud.
- See more stories on Insider's business page.
Redis Labs, the startup behind the popular Redis database software, has surpassed a $2 billion valuation - about double the over $1 billion it was last valued at in August - as it prepares for an IPO as soon as this year.
That new valuation comes after Redis Labs announced Wednesday that it has closed a $110 million Series G round led by Tiger Global. The round also included participation from Softbank Vision Fund and TCV. Those three firms also acquired additional ownership in the form of a $200 million secondary transaction, where they bought shares of Redis Labs from existing shareholders rather than the company itself.
Redis Labs is targeting an IPO that could come later this year or early next, depending on market conditions, and CEO Ofer Bengal says that the company has already started preparations - building on Bengal's previous comments to Insider that it was targeting 2021 to go public. It has now raised a total of $356 million.