Along with a number of angel investors, Lenny Pruss of Amplify Partners and Stefan Thomas of Coil participated in the fundraising. These individuals included Alexander Gallego, the founder and CEO of Redpanda; Uriel Cohen, the co-founder and executive chairman of Clear Street; Sachin Kumar, the co-founder and CTO of Clear Street; and Alex Rattray, the founder of Stainless and a former Stripe software engineer.

With the Series A fundraising, TigerBeetle has collected over $30 million in total cash, which includes the $6.49 million in seed funding the firm received in January 2023.

TigerBeetle, an open source Apache 2.0 database that offers debit and credit primitives out of the box for specialized high-performance online transaction processing (OLTP), was founded in 2022 by former Microsoft security expert Joran Dirk Greef.

Up to 8,190 debit/credit transactions can be handled by the database in a single network round-trip query. The firm now employs eight people, with engineers making up half of the workforce, to operate in North and South America, Europe, Africa, and Asia.

Joran Dirk Greef, in an interview with FinTech Futures, states that the company's original aim was to carry out a Series A financing later in the year.

But he adds, "We decided to bring the raise forward to invest in engineering, go-to-market, and TigerBeetle's cloud platform, which is under development, after a surge in community growth at the beginning of 2024 and growing commercial interest."

By year's end, he says, the funds will also be utilized to increase the start-up's workforce, with "many new hires being former contractors already familiar to the company."