Total amount raised
$423.1 Million
Latest funding date
10/1/2022
Location
SingleStore has successfully navigated 11 funding rounds, with its most recent Series F round involving investors Goldman Sachs and Prosperity7 Ventures. The company is backed by a total of 36 investors, showcasing strong financial support and confidence in its high-performance database platform.
SingleStore's platform is designed for enterprise AI applications, offering low latency, high concurrency, and the ability to handle petabyte-scale data. Keep reading to explore the intricacies of SingleStore's fundraising journey and the investors backing this innovative platform.
What Is SingleStore?
SingleStore, based in San Francisco, California, operates in the analytics, big data, cloud data services, database, enterprise software, and software industries. The company has an employee count between 251-500.
SingleStore provides a high-performance database platform optimized for enterprise AI applications, offering real-time data processing, low latency, and high concurrency capabilities. The company has been acquired by Vector Capital and has raised funding through 11 rounds, with the latest being a Series F round.
How Much Funding Has SingleStore Raised?
- Series A
- Amount Raised: USD 5,000,000
- Date: January 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and build the core team.
- Series B
- Amount Raised: USD 35,000,000
- Date: January 2014
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the product's capabilities and scale operations.
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: September 2014
- Lead Investors: IQT
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and enter new markets.
- Series C
- Amount Raised: USD 36,000,000
- Date: April 2016
- Lead Investors: Caffeinated Capital, REV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand the customer base.
- Series D
- Amount Raised: USD 30,000,000
- Date: May 2018
- Lead Investors: Glynn Capital Management, Google Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support product development and market expansion.
- Debt Financing
- Amount Raised: USD 50,000,000
- Date: May 2020
- Lead Investors: Hercules Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional working capital and support growth initiatives.
- Series E
- Amount Raised: USD 80,000,000
- Date: December 2020
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series F
- Amount Raised: USD 80,000,000
- Date: September 2021
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To drive product innovation and expand market reach.
- Series F
- Amount Raised: USD 116,000,000
- Date: July 2022
- Lead Investors: Goldman Sachs Asset Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support strategic growth and enhance technological capabilities.
- Series F
- Amount Raised: USD 30,000,000
- Date: October 2022
- Lead Investors: Goldman Sachs, Prosperity7 Ventures
- Valuation at Round: Above $1 billion
- Motivation Behind the Round: To fuel product development, sales investments, and geographic expansion.
Total Amount Raised: USD 442,000,000. Current Valuation: Above $1 billion.
Key Investors
- Goldman Sachs
- Details: Goldman Sachs is a leading global investment banking, securities, and investment management firm. They participated in the Series F funding round for SingleStore.
- Investment Focus Areas: Technology, finance, healthcare
- Notable Investments: Uber, Facebook, Spotify
- Prosperity7 Ventures
- Details: Prosperity7 Ventures is the diversified growth fund of Aramco Ventures, focusing on transformative technologies and innovative business models. They joined as a new investor in the Series F funding round for SingleStore.
- Investment Focus Areas: Transformative technologies, innovative business models
- Notable Investments: Not publicly disclosed
- Goldman Sachs Asset Management
- Details: Goldman Sachs Asset Management is a division of Goldman Sachs that provides investment and advisory services. They participated in the Series F funding round for SingleStore.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
- Insight Partners
- Details: Insight Partners is a global private equity and venture capital firm. They participated in the Series E and Series F funding rounds for SingleStore.
- Investment Focus Areas: Technology, software, internet
- Notable Investments: Twitter, Shopify, DocuSign
- Hercules Capital
- Details: Hercules Capital is a leading specialty finance company providing venture debt to high-growth, innovative venture capital-backed companies. They participated in the debt financing round for SingleStore.
- Investment Focus Areas: Technology, life sciences, sustainable and renewable technology
- Notable Investments: Not publicly disclosed
What's Next for SingleStore?
SingleStore stands at the cusp of significant growth opportunities, driven by the increasing demand for real-time data and analytics. With recent funding, the company is poised to expand its market reach, particularly in Europe and Asia, and enhance its product capabilities. This expansion is supported by the growing trend of database migration to cloud services, which presents a substantial market opportunity.
Future fundraising efforts are likely as SingleStore continues to attract major investors like Goldman Sachs and Prosperity7. These investments will fuel further product development and geographic expansion, ensuring the company remains competitive in a rapidly evolving industry. However, challenges such as intense competition from established players and the need for continuous innovation will require strategic planning and execution.
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