Supabase doubles valuation to $10 billion in 8 months

Supabase, the coding world’s favorite open source database, has raised a $500 million Series F at a pre-valuation of $10 billion, the company announced on Friday. That’s about $10.5 billion after investment.

The price of a newly minted decacorn has been doubling its valuation every few months for a few years now, as dynamic coding tools have propelled its use to astonishing growth: more than 600% in the past year, with more than 60% of new databases launched “by some type of AI tool,” CEO and co-founder Paul Copleston wrote in a blog post announcing the increase.

The startup also claims nearly 10 million developers as users, which has doubled in eight months. Coplestone specifically credits Cloud Code and Codex for this growth because popular AI models “increase the number of people who can build.” Supabase is also the database of choice for Bolt, Figma, Lovable, Replit, and others.

This new cash infusion follows a $100 million round at a $5 billion valuation in October. This increase came a few months after $200 million closed at $2 billion.

Supabase uses the popular open source Postgres database as its engine, a database that was released long before AI was even in Sam Altman’s eyes. One of the most interesting things about Supabase is the work it is doing to make Postgres less maintenance-intensive for active developers and programmers as their applications grow and attract users.

For example, this week it also launched a tool called Multigres, which it describes as an “operating system” for Postgres. It is intended to reduce the complexity of running Postgres at scale, giving developers a centralized way to manage troublesome tasks such as read replicas, failover, connection limits, backups, etc.

Another interesting thing about the company has to do with the choices Copplestone made to build it. He told us on an Equity podcast episode in November how he refused to participate in “modification” of developer tools because it wouldn’t meet the needs of companies that award multi-million-dollar contracts and then place orders on the products. Instead, he sticks to his vision for the product. This is the opposite strategy for most startups, but it’s undeniably successful for Supabase.

The round was led by GIC, with existing investors such as Stripe, and new investors Georgian and Salesforce Ventures accumulating.