Open-source database company Supabase raised $120 million in a Series E round led by existing investors Accel and Peak XV Partners, with Figma joining as a new investor. Other participants in the round include Y Combinator, Coatue, Felicis, Craft, and Square Peg, the company said in a blog post.
“We raised $120 million at a $5 billion pre-money valuation,” said Paul Copplestone, CEO and co-founder of Supabase. “One of the ways we will use the money is for employee secondaries. Every single round we have allowed our employees to sell 25% of their vested stock. This round is no different, and we will continue to do this for future rounds.”
Copplestone added that the company plans to expand hiring for open-source database initiatives such as Multigres and OrioleDB. Supabase, which operates as a fully distributed team across 37 countries, currently employs over 30 ex-founders.
Founded in 2020 by Copplestone and Ant Wilson, Supabase provides developers with a suite of backend tools built on PostgreSQL, including authentication, file storage, real-time data, and vector search. It is widely seen as an open-source alternative to Google’s Firebase, attracting more than four million developers globally.
The latest funding comes just months after Supabase’s Series D round, which valued the startup at around $2 billion, reflecting strong investor confidence and continued growth.
The company also announced plans for a $1 million community round, allowing early customers and open-source contributors to invest. “Our community continues to grow—it’s one of the things Ant and I are most proud of,” Copplestone said.
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