Tel Aviv founded database platform Redis Labs has closed a $110 million Series G funding round, now bringing the company’s valuation up to $2 billion.

The financing was led by new investor, Tiger Global, and saw participation from new investor Softbank Vision Fund 2, as well as existing investor TCV. Redis Labs’ current investors include Bain Capital Ventures, Francisco Partners, Goldman Sachs Growth, Viola Ventures, and Dell Technologies Capital.

In addition to the funding, Tiger Global, Softbank, and TCV acquired additional ownership of the firm through a secondary $200 million transaction.

“Companies are increasingly looking for ways to leverage the efficiency and flexibility of the cloud to drive their business forward and Redis Labs is the best partner for them in this journey,” said John Curtius, Partner at Tiger Global Management. “Redis Labs has developed a real-time data platform to solve for low-latency requirements of business-critical applications and the go-to-market strategy to succeed alongside the cloud hyperscalers.”

Founded in 2011 in Tel Aviv by Ofer Bengal (CEO) and Yiftach Shoolman (CTO), Redis Labs and has raised a net amount of $347 million, The firm services more than 8,000 customers, including 31% of the Fortune 100 companies and brands including MasterCard, Dell, Fiserv, Home Depot, Microsoft, Costco, Gap, and Groupon.

“We founded Redis Labs with the idea that the future of the database market would be defined by performance, where Redis excels. Through the dedication of our team, Redis has become an enterprise-grade data platform to tackle nearly any real-time use case across every industry,” said Ofer Bengal, Co-Founder and CEO at Redis Labs. “Partnering with exceptional new investors such as Tiger Global and Softbank, in addition to the continued belief of our existing investors like TCV, validates our mission to make Redis the de facto real-time data platform companies choose to meet their customers’ expectations.”

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