I wonder if this raise is to continue scaling the existing product customers/add runway or to expand its's scope to something new.
I think that part of the round will also serve to put more efforts in the Redis extensions provided as modules. Incidentally I need to extend the modules system a lot more, especially with "hooks" so that modules can capture any command execution, because yesterday I wanted to implement the Gopher protocol as a module and I could not do that easily without spawning a thread to listen to some other socket, and remained hardly disappointed.
There's almost certainly a non-trivial sales team spend here. Redis Enterprise isn't a decision that organizations take lightly, and databases aren't cheap. Mongo is public on a similar model, so there's almost certainly enough room to grow with their current offerings (licenses and hosting).
Based on 238 employees, they're probably at $25m+ in revenue. Many companies start to think about a "second act" at this point, but few of them actually pull it off. So we'll probably continue to see improvement around the core product and a slew of new integrations, but I'd be surprised if they came up with a totally standalone new product that's worth $X0,000,000 / year in short order. There's too much to do with Redis itself and the hosting platform to devote so much effort to a brand new effort.
FWIW, $25m was a pretty conservative estimate. One way to look at it is to take the number of employees and multiply by $200k. That would imply upwards of $50m in revenue. https://www.saastr.com/how-to-figure-out-your-competitors-re...
It may take some time to get there, but they'll almost certainly break $100m. The VCs at this round probably won't sell immediately after the IPO, either -- trying to make 10x in 2 years isn't the plan.
Also, 7+ years to that level isn't the worst, by any means. The more relevant metric is growth in the last couple years. If they're still doing 100%+ year-over-year, that's pretty great. https://redislabs.com/press/redis-labs-announces-10th-consec...
I think their sales team is going to be in for a long, hard slog. Yes, Redis is popular right now, but the middleware space gets harder every year. Cloud providers slurp up the easy, low-hanging fruit ("click this checkbox to add a managed Redis instance to your deployment"), so all that'll be left are the big, slow, complex enterprise sales. Yeah, they pay well, but it's a brutal, competitive sales cycle, and that kind of customer often wants a lot of high-touch post-sales engineering services.