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Upstash’s serverless data platform hits ARR of $1M just two years after seed funding

Feb 08, 2024•almost 2 years ago

Amount Raised

$10 Million

TurkeySoftwareCommunity And Lifestyle

Investors

A16z

Description

Upstash announced a $10 million Series A led by a16z after reaching an ARR of $1 million, just two years after a $1.9 million seed round.

Company Information

Company

Upstash

Location

Turkey

About

The company, which is based in Turkey, launched at the end of 2020 with the product coming along last year. So far, the company has seven employees, all engineers, with plans to reach 10 this year, and then double again next year. The company announced a $1.9 million seed round today from Mango Capital, AngelList, ScaleX Ventures and individual industry angels. Upstash already has more than 13,000 developers using the product, according to Akar.

Funding Insights

Based on industry data
VC-backed spending patterns
VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech