Synopsis
Singapore sovereign wealth fund GIC is in talks to lead an investment in open-source database startup Supabase at a valuation of about $10 billion, The Information reported on Thursday.Here are some details:
Supabase is seeking to raise about $500 million in the fundraising round, although the amount could change, the report added. Reuters could not independently verify the report. Supabase and GIC did not immediately respond to requests for comment.
The talkscome months after the company was valued at $5 billion in a funding round last fall.
Supabase is a backend platform that enables developers to quickly build applications and has benefited from growing demand for AI-powered coding assistants. The platform is built on the PostgreSQL open-source database, a system for organising and managing information online.
Founded by Paul Copplestone and Ant Wilson in 2020, Supabase counts Accel, Felicis, Coatue Management, Y Combinator and Craft Ventures among its existing investors.
