Supabase, the global open source Postgres development platform, announced Thursday a $500 million Series F at a $10.5 billion post-money valuation.
The round was led by GIC with all existing investors participating including Accel, Y Combinator, Craft, Felicis, Peak XV, and Coatue, Supabase said in a statement.
It is noted that Stripe is doubling down on Supabase with its second investment in the company and Salesforce Ventures joined the round.
The funding comes just seven months after the company’s Series E, bringing total capital raised to over $1 billion.
“Demand for Supabase is exploding. Our user base has more than doubled since the Series E and we’ve seen a 600 percent increase in databases year-over-year,
“Claude Code is the largest contributor since the start of the year. Agents are now deploying the majority of databases on our platform,” said Paul Copplestone, Co-founder and Chief Executive Officer of Supabase.
Supabase said it now serves more than 250,000 customers, with an increasing number of enterprises using its backend infrastructure for AI-focused applications.
The company said its platform is compatible with modern AI tools, enabling automated systems to create large numbers of customer databases.
Supabase for Platforms, which supports a number of AI application builders, has recorded 370 percent customer growth over the past six months.
Supabase has also released a preview of Multigres, an open-source scaling layer for Postgres.
The tool is designed for teams that have outgrown a single Postgres instance and would otherwise need to migrate to alternative database systems.
According to the company, Multigres aims to address this by adding horizontal scaling capabilities, including sharding, zero-downtime migrations, and high availability, while retaining compatibility with the Postgres ecosystem.