Israel’s Redis Labs Looking at $5 Billion IPO

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Redis Labs

Redis Labs CEO Ofer Bengal. Photo Courtesy

Redis Labs, an Israeli startup and unicorn that develops database software, is planning on holding an initial public offering IPO. According to a report in Calcalist, the IPO could leave Redis with a valuation from anywhere between $4 and $5 billion.

The news comes after Redis Labs became a unicorn back in April, hitting a $2 billion valuation.

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If it does make it to a $5 billion valuation, then it will join an exclusive club of Israeli firms who hit that mark with their IPOs. While it would be no SentinelOne which broke the $13 billion mark when it went public in July, Redis will be up there in the $5 billion plus club. Already this week, Forter, an Israeli security startup that deals in fraud prevention in e-commerce, was reported to be getting ready for its initial public offering (IPO). Globes has reported that sources in the company revealed that it expects to come away with a $5 billion valuation from the IPO.

Redis Labs was founded in 2011 by Ofer Bengal (CEO) and Yiftach Shoolman (CTO). The company has raised a net amount of $347 million and will continue to invest in expanding the company’s global footprint.

The company offers Redis, a popular open source in-memory database, and commercial provider of Redis Enterprise, which the company boasts delivers “superior performance, unmatched reliability, and the best TCO. Initially employed as a caching layer, Redis is now used by virtually every large enterprise, startup, and government organization to power use cases such as e-commerce, AI/ML, search, fraud detection, real-time inventory management, user session stores, and much more.”

“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, when the company hit the $2 billion mark.

Redis Labs is another company which did well in 2020 in spite of the Covid 19 pandemic. The company declared revenue growth of over 54% (CAGR) over the three years ended 1/31/21.; more than 8,000 paying customers, including 31% of the Fortune 100 and a net retention rate greater than 120%;

The company’s customers include AWS, Google Cloud, and Microsoft Azure, which includes the general availability of Redis Enterprise-powered tiers on Azure Cache for Redis

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