Home » What’s Up: Week of April 5th

What’s Up: Week of April 5th

Cloud firm Redis Labs valued at $2 billion

Redis Labs, a real-time cloud analytics platform provider, got an investment from SoftBank in a late-stage funding round valuing the firm at over $2 billion, reports Reuters. Existing investor TCV also participated in the round which raised $110 million, bringing the net amount so far to $347 million.

Founded in 2011 by Ofer Bengal and Yiftach Shoolman in Tel Aviv, Israel, Redis Labs’ platform helps organizations process, analyze and forecast data effectively. It has deployed over 1 million databases so far. Redis Labs’ products include in-memory database Redis and Redis Enterprise Cloud, a database-as-a-service offering. The company has an alliance with Microsoft to bring its Redis Enterprise-powered tiers to Azure Cache for Redis. Its revenue grew by 54% over the last three years ended Jan. 3, 2021.

EV charging company Charge Amps raises $15 million

Swedish maker of electric vehicle charging solutions, Charge Amps, had raised 130 million crowns ($15.3 million) in a funding round led by Swedbank Robur, reports Reuters. Charge Amps, which develops smart charging stations, cables, and cloud software, said Swedbank Robur had also bought shares worth 20 million crowns, bringing its total investment in the firm to 150 million.

The funding will be used to expand in key European markets including the Nordic countries and the United Kingdom, for R&D, and to prepare for an IPO, which is planned for next year.

Fintech firm Linklogis opens 9.9% higher in Hong Kong IPO debut

Chinese fintech firm Linklogis, backed by technology giant Tencent Holdings, opened 9.9% higher in their Hong Kong debut after the company raised $1.02 billion in its initial public offering. The shares traded at HK$19.32 ($2.48), compared to the $HK17.58 price in the IPO that sold 452.87 million shares.

Linklogis, which specialises in supply chain finance, priced its shares at the mid point of the range of HK$16.28 to $HK18.28 flagged when the IPO launched on March 26. The retail portion of the IPO was oversubscribed 98.46 times while the institutional tranche was covered 14.8 times.

SoftBank, Franklin invest $210 million in OneTrust

SoftBank Vision Fund 2 and Franklin Templeton led a $210 million investment in OneTrust, the privacy and security software provider. Including the investment, the total capital raised by OneTrust in it latest Series C round was $510 million. The firm, which counts Insight Partners, Coatue and TCV among its existing investors, has raised $920 million since it was founded.

Atlanta and London-based OneTrust’s platform, used by more than 8,000 companies to operationalize privacy, security and data governance, is backed by 140 patents and powered by OneTrust Athena, an artificial intelligence and robotic automation engine.

Messaging platform Gupshup joins unicorn club  

Gupshup had raised $100 million from investment firm Tiger Global Management, valuing the messaging services provider at $1.4 billion. The company, which had its last funding round about a decade ago, said it saw greater investor demand than anticipated and would raise additional funds as it looks to scale up its existing product portfolio.

The COVID-19 pandemic has forced people and companies to rely heavily on messaging apps and business conferencing tools, with more people now using social media to stay in touch with friends and family.

Gupshup, which has been growing solely based on internal profits, saw a growth of over 80% in volumes from pre-pandemic levels. Gupshup’s annual revenue run rate last year was $150 million.

Founded in 2004 and known for popularizing bulk text messaging, the Silicon Valley-based firm now offers a single messaging platform to companies, including Cisco, Unilever and Walmart’s Flipkart, helping them communicate with their customers.