Financial transactions database TigerBeetle raises $24m Series A funding
Financial transactions database TigerBeetle has raised $24 million in a Series A funding round led by Spark Capital general partner Natalie Vais.
TigerBeetle raises $24m Series A funding
Lenny Pruss of Amplify Partners and Stefan Thomas of Coil were also involved in the raise, alongside a number of angel investors including Alexander Gallego, founder and CEO of Redpanda; Uriel Cohen, co-founder and executive chairman of Clear Street; Sachin Kumar, co-founder and CTO of Clear Street; and Alex Rattray, former Stripe software engineer and founder of Stainless.
The Series A brings TigerBeetle’s total capital raised to more than $30 million, which includes the $6.49 million the company secured in seed funding in January 2023.
Founded in 2022 by former Microsoft security consultant Joran Dirk Greef, TigerBeetle operates an open source Apache 2.0 database which provides debit and credit primitives out-of-the-box for specialised high-performance online transaction processing (OLTP).
The database has the ability to process up to 8,190 debit/credit transactions per query in a single network round-trip. The company currently operates across North and South America, Europe, Africa and Asia with a team of eight employees, half of whom are staff engineers.
Speaking to FinTech Futures, Joran Dirk Greef says the company had initially planned to execute a Series A fundraise later in the year.
“However, after a surge in community growth at the beginning of 2024, and growing commercial interest, we decided to bring the raise forward to invest in engineering, go-to-market, and TigerBeetle’s cloud platform, which is under development,” he comments.
He adds the cash will also be used to double the size of the start-up’s team by the end of the year, with “several new hires being former contractors already familiar to the company”.
