Supabase, the open supply developer platform and Postgres database service that started off as a substitute for Google’s Firebase, on Wednesday introduced that it has raised an $80 million Sequence C spherical led by Peak XV and Craft Ventures.
With this, Supabase has now raised a complete of $196 million, together with a Sequence B spherical in 2022, which was additionally an $80 million spherical. And whereas Supabase co-founder and CEO Paul Copplestone didn’t disclose the brand new valuation in an unique interview with TechCrunch forward of Wednesday’s announcement, he did stress that it was an up spherical. He additionally famous that the corporate solely just lately began dipping into its reserves from the Sequence B.
As with so many database providers lately, it’s the AI increase that’s driving loads of demand for Supabase as properly. For Postgres, meaning supporting the pgvector extension, one thing the corporate supplied very early on. “Not many cloud providers had pg vector, so we were the first to offer it […]. Then AWS came, and we worked quite closely with AWS to promote usage throughout the industry,” Copplestone defined. At the moment, he estimated, about 10% of energetic databases on the service energy AI use circumstances.
One other utilization stat that has held true for some time is that 40% of startups within the newest Y Combinator class makes use of Supabase, however the firm can be more and more making inroads with enterprises, usually to energy a few of their extra experimental functions. GitHub Subsequent, for instance, makes use of the service, in addition to builders at corporations like Meta, Netflix, and Microsoft.
Supabase truly held off on calling its service “generally available” till earlier this 12 months as a result of the crew needed to ensure that it might assist enterprises and supply the sturdy service they’d want.
Copplestone additionally famous that within the firm’s early days, most pundits seemed on the firm as an open supply various to Google’s Firebase. The truth that the corporate was utilizing Postgres was secondary on the time. However over time, Supabase has positioned itself extra clearly as a Postgres platform — and whether or not deliberate or by luck, Postgres continues to develop in reputation whereas there hasn’t been a lot hype round Firebase for some time now.
“We’ve kind of won on two factors: people adopt us because we’re easy to use, like Firebase, and people adopt us because we’re Postgres, and Postgres is popular to use. Combine those two, and you’ve got the easiest Postgres offering,” Copplestone mentioned.
He additionally pressured that the corporate’s authentication product could be very standard. For some corporations, it’s truly the primary Supabase product they use as a result of whereas Supabase presents a complete of six merchandise (database, storage, auth, edge features, vector, and realtime), they’ll all be used as standalone merchandise.
Along with lead traders Peak and Craft, Avra Capital, the brand new fund of former YC Progress Fund Director Anu Hariharan, participated on this spherical, in addition to earlier traders Coatue, Felicis, and Y Combinator.
“Supabase is redefining database management with its open-source, managed Postgres platform, and with over 900,000 sign-ups in four years, it’s seen unprecedented organic adoption among developers,” Hariharan mentioned. “We’re excited to see the results of Supabase’s Vercel marketplace partnership. We believe that for companies seeking a robust, developer-friendly solution, Supabase’s Postgres platform is rapidly becoming the preferred choice.”
