Redis Labs Secured $110M, Plaid Raised $425M, and More Bay Area Tech News

With tons of VC activity on the West Coast last week, find out how these companies are growing with all their fresh capital. This is the Built In SF weekly refresh.

Written by Ashley Bowden
Published on Apr. 12, 2021
Redis Labs Secured $110M, Plaid Raised $425M, and More Bay Area Tech News
photo: redis labs

With tons of VC activity on the West Coast last week, find out how these companies are growing with all their fresh capital. This is the Built In SF weekly refresh.

Patreon secured $155MTiger Global led the latest round of funding for the e-commerce company that helps creators get paid for their work. With the cash, Patreon wants to enhance its UX on its desktop and mobile platform, as well as invest in strategic acquisitions and international expansion. To date, its valuation has reached $4 billion, and it’s brought in $413.3 million in funding. [Built In SF]

Sendbird raised $100MThe San Mateo company develops communication APIs and just closed its Series C round led by Steadfast Capital Ventures. Sendbird helps enterprises better interact with their customers by providing them with chat, video and text integrations. The new capital will enable Sendbird to further research and development as well as increase its global headcount. [Built In SF]

SF Tech Quote of the Week

“Whether paying bills, managing loans, applying for PPP, receiving stimulus checks, buying stocks, or just managing money day-to-day, hundreds of millions of consumers began to see digital finance as the new normal.” —Zach Perret, co-founder and CEO of Plaid

Plaid got $425MNow at a $13.4 billion valuation following its Series D raise, fintech company Plaid uses APIs to give users a better overall view of their finances by consolidating financial data from several different sources. It’s putting the money toward developing its APIs and other tools to support privacy, personalization, automation and more with its software. [Built In SF]

Redis Labs pulled in $110MProvider of an in-memory open-source database management solution, the company closed on a Series G funding round that brought its valuation to over $2 billion. Tiger Global led the round that will enable Redis Labs to globally expand its reach and support for its platform. [SiliconAngle]

Coinbase may go public with a $1.8B valuationThe cryptocurrency giant just reported that its revenue in Q1 rose nine-fold year over year as the price of Bitcoin has gone up. From $32 million in 2020, Coinbase’s net income increased to about $730 million to $800 million last year. It’s planning to register almost 115 million shares of Class A common stock to be traded under ticker symbol COIN. [CNBC]

Google welcomes employees back to the officeEmployees can choose to return to Google’s office space this month regardless of their vaccination status. By opting in to in-person work again, the giant could lead a trend for other tech companies in the Bay Area. Uber is allowing employees back inside voluntarily as well, while Salesforce and Amazon could be changing their plans surrounding hybrid work options. [Built In SF]

Gupshup raised $100MThe startup provides businesses with an API to enable conversational messaging between customers and their marketing, sales and support teams. Having seen plenty of growth last year, Gupshup now has its sights set on globally scaling its product and go-to-market initiatives. Tiger Global Management invested in the round. [Built In SF]

Endless West got $21MHaving developed a more environmentally friendly way to produce alcoholic beverages, the startup closed on a Series B funding round to ramp up distribution of its molecular spirits. Endless West experiments with plant, fruit and yeast molecules to mimic the flavor profile of a given beverage. The company has raised $33.7 million in financing to date. [Built In SF]

In more VC funding news: CaptivateIQ pulled in $46 million in an Accel-led Series B round to expand the reach of its commission workflow automation platform. [VentureBeat]

Open-source software provider Streamlit got $35 million to expand the beta version of its Streamlit for Teams commercial offering to help users build machine learning apps. [TechCrunch]

Snorkel just secured $35 million to expedite AI development with its Application Studio product. Its Series B raise was led by Lightspeed Venture Partners. [Snorkel]

With $25 million from its latest funding round led by Insight Partners, enterprise SaaS company Pathlight is planning to accelerate its sales, marketing and tech to empower customer-facing teams. [PR Newswire]

Hiring Now
Fintech • Payments • Financial Services