Tiger Global and Viola sell $200-300M worth of Redis shares at over $2B valuation
The shares were sold in a secondary transaction to Generation Investment Management and a number of existing investors
Tiger Global and Viola have sold $200-300 million worth of shares in Israeli-founded data platform Redis in a secondary transaction valuing the company at over $2 billion. The shares were sold to investment fund Generation Investment Management and a number of existing investors. The valuation of Redis in the deal exceeds its last fundraising value in 2021, estimated at about $2 billion.
Tiger Global, which led Redis’ Series G three years ago, sold part of its holdings, while Viola, an early investor in Redis, decided to liquidate its holdings from the first institutional round in the company in 2012. In total, it has realized approximately $200 million from the sale of Redis shares to date. Redis directors and founders did not participate in the transaction. Redis is believed to be targeting an IPO in 2025.
Redis was mulling over going public in 2022 before the downturn in the market. The company was valued at $2 billion when it completed a $110 million Series G round in April of 2021 and was reportedly targeting to more than double that valuation in the IPO.
Tiger Global led the Series G, which also included participation of another new investor in Softbank’s Vision Fund 2, as well as from existing investor TCV. Additionally, Tiger, SoftBank, and TCV acquired shares as part of a $200 million secondary transaction. Redis raised $100 million eight months earlier in August 2020 at a valuation of $1 billion.
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Redis, founded in 2011 by Ofer Bengal and Yiftach Shoolman, is currently headed by CEO Rowan Trollope.
Last month, Redis announced the acquisition of Israeli startup Speedb, which develops a data storage engine. Redis plans to leverage Speedb to enhance real-time data processing and power low-latency user experiences.
