Redis Labs co-founders Yiftach Shoolman, CTO (left) and Ofer Bengal, CEO (right). Photo credit: Redis Labs

Redis Labs, the Mountain View, California-based upstart behind open source database platform Redis, has raised $100 million in Series F financing that values it at more than $1 billion. The new financing was co-led by Bain Capital Ventures and TCV, with participation from other investors including Goldman Sachs, Dell Technologies Capital, Francisco Partners, and Viola Ventures. With the new funding, Redis Labs has now raised a total of about $246 million in funding since its inception.

Redis Labs says it’ll put the new capital towards expanding its sales teams and programs and also invest in product development. Redis Labs has done well over the years and currently has more than 7,500 enterprise customers in total. Among such customers include notable names such as Microsoft, Dell, Fiserv, MasterCard, Groupon, and Costco. Over the past two quarters, usage of the Redis Enterprise Cloud, the company’s core product, has grown over 300%, according to a press statement from the company.