The open source alternative to services like Google’s Firebase, Supabase recently revealed that it raised an astonishing $80 million in a Series B funding round. Felicis Ventures spearheaded this round, while Coatue and Lightspeed also contributed, bringing the total funding for the company to $116 million.
Although Supabase cannot compete with Firebase on every feature, it does offer a range of essential resources for developers, including storage, database, and authentication services. The company also introduced Supabase Edge Functions – a serverless functions-as-a-service solution – providing a comprehensive toolkit for developers.
In recent conversations, Paul Copplestone, Supabase CEO and co-founder, spoke about the rapid growth the company experienced over the past year. The developer community using the service increased to over 80,000, and more than 100,000 databases have been created on the platform, reflecting an incredible growth rate of 1,900% in just 12 months.
Supabase is attracting an increasing number of customers looking for a PostgreSQL-as-a-service offering as an alternative to services like Amazon RDS and Heroku. According to Copplestone, users are drawn to not just the database, but also the suite of tools and features available to them. With autogenerated APIs, GraphQL extensions, and the ability to scale as required, the platform aims to make it as manageable as possible for developers to build on top of it.
Felicis founder and managing partner Aydin Senkut explained that the investors specifically targeted Supabase due to the company's focus on databases. As security and databases are the hottest sectors of the moment, Supabase showcases an impressive level of speed and efficiency in shipping code, impressing clients and drawing comparisons with leading companies like Google and Shopify.
The company's monetization strategy revolves around utilization of the platform's infrastructure, with a clear revenue path and continued growth expectations over the next few years. In response to the service’s organic growth, Supabase now plans to double the size of its team, focusing on enterprise features and market strategies.
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