Supabase Aims for $10 Billion Valuation with New Funding Round
Database startup Supabase seeks to double valuation to $10 billion: Report
The Economic Times
Image: The Economic Times
Singapore's GIC sovereign wealth fund is negotiating to lead a $500 million investment in Supabase, an open-source database startup, potentially doubling its valuation to $10 billion. The company has seen a surge in demand for its services as developers increasingly utilize AI-powered coding tools.
- 01Supabase aims to raise $500 million in its latest funding round.
- 02The startup's valuation could increase to $10 billion from $5 billion.
- 03Supabase is built on the PostgreSQL open-source database.
- 04The company has gained traction due to rising demand for AI-assisted development tools.
- 05Existing investors include notable firms like Accel and Y Combinator.
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Supabase, an open-source database startup founded in 2020 by Paul Copplestone and Ant Wilson, is in discussions with Singapore's GIC sovereign wealth fund to secure $500 million in funding. This investment could elevate Supabase's valuation to approximately $10 billion, doubling its previous valuation of $5 billion from last fall. The platform, which leverages the PostgreSQL database, has gained popularity among developers due to the increasing demand for AI-powered coding assistants. Supabase's existing investor base includes prominent firms such as Accel, Felicis, Coatue Management, Y Combinator, and Craft Ventures. The outcome of these negotiations could significantly impact the startup's growth trajectory and market presence.
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