Supabase, an open-source developer platform that utilizes PostgreSQL databases, announced on April 16, 2024, that it raised US$80 million in a Series C funding round led by Peak XV and Craft Ventures. With this funding, the company’s total capital raised has reached US$196 million, including a prior US$80 million in Series B funding in 2022.

Co-founder and CEO Paul Copplestone did not disclose the company’s current valuation but indicated that it grew. He noted that the company has recently begun using reserves from the Series B funding.

The platform’s demand has surged, coinciding with the rapid growth of AI applications in the tech industry. Copplestone stated that approximately 10% of active databases on Supabase are currently involved in AI use cases.

Around 40% of startups in the latest Y Combinator cohort are integrating Supabase into their technology stacks, signifying its growing adoption in the startup community. Alongside its increasing popularity among startups, Supabase is establishing a foothold among enterprise clients for pilot projects.

Organizations such as GitHub, Meta, Netflix, and Microsoft have adopted Supabase’s services, highlighting a shift in the platform’s market positioning. Supabase has evolved from primarily positioning itself as an alternative to Google’s Firebase to focusing on its capabilities as a robust PostgreSQL platform.

The recent funding round also included investments from Avra Capital, led by former Y Combinator Growth Fund Director Anu Hariharan, along with participation from previous investors such as Coatue, Felicis, and Y Combinator.