Jul 13, 2022 - Business

SingleStore plots Raleigh expansion after raising $116M

SingleStore's Raleigh office.
SingleStore's office at 321 W. Davie St. Photo: Zachery Eanes/Axios.

SingleStore, a San Francisco-based software maker, is on the verge of another expansion in downtown Raleigh after raising $116 million from investors, including Goldman Sachs.

  • The company is now valued at $1.3 billion, its CEO Raj Verma told Axios.

Why it matters: SingleStore, which makes cloud database management software, has made a big splash in Raleigh since its arrival in 2021.

  • The company has hired around 50 people here, including Oliver Schabenberger, who it recruited from Cary analytics giant SAS Institute to become its chief innovation officer. Schabenberger, at the time, was SAS’s No. 2.

What's next: The company is renovating a building near its current location on West Davie St. to accommodate its continuing growth in the Triangle, Verma said.

  • "We could grow slightly over 50% in our employee headcount this year," Verma said. "A 50% increase in employees for the next few years is probably something that you should bet your shirt on."
An empty brick building.
SingleStore CEO Raj Verma said the company will expand to this building across the street. Photo: Zachery Eanes/Axios.
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