Total amount raised
$423.1 Millions
Latest funding date
10/1/2022
Location
SingleStore has successfully raised significant funding across multiple rounds, attracting a diverse group of investors. The company offers a real-time data platform designed for intelligent applications, simplifying data architecture and reducing total cost of ownership.
Keep reading to explore the intricacies of SingleStore's fundraising journey and the investors backing this innovative platform.
What Is SingleStore?
SingleStore, founded in 2011, is headquartered in San Francisco, California. The company was established by Adam Prout, Eric Frenkiel, Mohd Fairuz Razi bin Sharuddin, and Nikita Shamgunov.
SingleStore provides a real-time data platform designed for intelligent applications. Their platform supports SQL, JSON, full-text, and vector workloads, aiming to simplify data architecture and reduce operational overhead.
With a workforce of 251-500 employees, SingleStore continues to innovate in the field of operational analytics and cloud-native applications.
How Much Funding Has SingleStore Raised?
- Series A
- Amount Raised: $5M
- Date: January 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and expand the team.
- Series B
- Amount Raised: $35M
- Date: January 2014
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product features.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: September 2014
- Lead Investors: IQT
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support strategic partnerships and market expansion.
- Series C
- Amount Raised: $36M
- Date: April 2016
- Lead Investors: Caffeinated Capital, REV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development and enter new markets.
- Series D
- Amount Raised: $30M
- Date: May 2018
- Lead Investors: Glynn Capital Management, Google Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the customer base and enhance cloud capabilities.
- Debt Financing
- Amount Raised: $50M
- Date: May 2020
- Lead Investors: Hercules Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide working capital and support growth initiatives.
- Series E
- Amount Raised: $80M
- Date: December 2020
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To drive product innovation and expand globally.
- Series F
- Amount Raised: $80M
- Date: September 2021
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance platform capabilities and support customer growth.
- Series F
- Amount Raised: $116M
- Date: July 2022
- Lead Investors: Goldman Sachs Asset Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel strategic growth and product development.
- Series F
- Amount Raised: $30M
- Date: October 2022
- Lead Investors: Goldman Sachs, Prosperity7 Ventures
- Valuation at Round: Above $1 billion
- Motivation Behind the Round: To expand customer base and enhance product offerings.
Total Amount Raised: $462M. Current Valuation: Above $1 billion.
Key Investors
- Goldman Sachs
- Details: Goldman Sachs is a leading global investment banking, securities, and investment management firm. They provide a wide range of financial services to a substantial and diversified client base.
- Investment Focus Areas: Financial services, technology, 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 aim to support companies that can drive significant advancements and efficiencies.
- Investment Focus Areas: Technology, energy, industrial sectors.
- Notable Investments: Not publicly disclosed.
- Goldman Sachs Asset Management
- Details: Goldman Sachs Asset Management offers investment and advisory services across a broad range of asset classes. They manage assets for institutions, financial advisors, and individuals.
- Investment Focus Areas: Equity, fixed income, alternative investments.
- Notable Investments: Not publicly disclosed.
- Insight Partners
- Details: Insight Partners is a global private equity and venture capital firm. They invest in growth-stage technology, software, and internet businesses.
- Investment Focus Areas: Software, internet, data services.
- Notable Investments: Twitter, Shopify, Wix.
- Hercules Capital
- Details: Hercules Capital is a leading specialty finance company. They provide senior secured loans to venture capital-backed companies in technology, life sciences, and sustainable and renewable technology industries.
- 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. The company's cloud-native database technology positions it well to serve a diverse range of industries, from finance to healthcare, by providing immediate insights and unifying transactions and analytics in a single engine. This unique capability opens doors for expansion into new markets, particularly in Europe and Asia, where the appetite for scalable, cloud-based solutions is growing.
Future fundraising appears promising, especially following the successful F-2 funding round. The influx of capital will likely attract more investors, eager to support SingleStore's ambitious product development and geographic expansion plans. However, the path forward is not without challenges. The company must navigate intense competition from established players like Oracle and Snowflake, while ensuring seamless scalability and performance across various environments. Continuous innovation will be key to maintaining its competitive edge in this rapidly evolving industry.
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