Open-source database firm Supabase raised $120 million in a Collection E spherical led by present traders Accel and Peak XV Companions, with Figma becoming a member of as a brand new investor. Different members within the spherical embody Y Combinator, Coatue, Felicis, Craft, and Sq. Peg, the corporate mentioned in a weblog put up.

“We raised $120 million at a $5 billion pre-money valuation,” mentioned Paul Copplestone, CEO and co-founder of Supabase. “One of many methods we are going to use the cash is for worker secondaries. Each single spherical we’ve allowed our staff to promote 25% of their vested inventory. This spherical is not any totally different, and we are going to proceed to do that for future rounds.”

Copplestone added that the corporate plans to broaden hiring for open-source database initiatives akin to Multigres and OrioleDB. Supabase, which operates as a completely distributed group throughout 37 international locations, at the moment employs over 30 ex-founders.

Based in 2020 by Copplestone and Ant Wilson, Supabase gives builders with a set of backend instruments constructed on PostgreSQL, together with authentication, file storage, real-time knowledge, and vector search. It’s broadly seen as an open-source different to Google’s Firebase, attracting greater than 4 million builders globally. 

The most recent funding comes simply months after Supabase’s Collection D spherical, which valued the startup at round $2 billion, reflecting robust investor confidence and continued progress.

The corporate additionally introduced plans for a $1 million neighborhood spherical, permitting early prospects and open-source contributors to speculate. “Our neighborhood continues to develop—it’s one of many issues Ant and I are most happy with,” Copplestone mentioned.