Supabase is the database powering a huge share of the apps being built today.

They're growing faster than almost any developer tool ever has, and that growth has accelerated as they’ve scale.

Nearly 10 million developers now build on Supabase, and the company is growing at roughly 6x a year.

Today, we’re talking about:

Stripe turned accepting payments into a seven line code snippet. Twilio turned sending a text message into an API call. GitHub turned managing code into a social experience.

Each one took a job that used to demand weeks of effort and collapsed it to almost nothing. To anyone who worked in the pre- era, it felt like magic. And it’s that feeling that transforms any tool from a utility into the beloved default.

We believe Supabase has done this for the backend.

As of June 2026, nearly 10 million developers are building on Supabase, double the count just eight months earlier.

And a big reason for the explosion is AI. Supabase says more than 60% of new databases are now launched with the help of an AI tool. AI agents spin up databases at a rate humans never could, so when developers build with Claude Code or Codex, Supabase is often the backend they're pointed to.

Their financing parallels their adoption: a $2 billion valuation by April 2025, $5 billion by February 2026, and $10 billion at the most recent $500 million Series F announced last week led by GIC, with Georgian and Salesforce Ventures joining and Stripe following on.

Strip Supabase down and the product rests on a simple, yet challenging idea: start with a functional Postgres database, then build everything a developer needs around it.

The feature many fall in love with is the way Supabase handles permissions. Normally, you have to write "who's allowed to see what" rules all over your code and hope you didn't miss a spot, which could result in a data leak. Supabase lets you write those rules once, right on the data itself, and the database enforces them every single time, no matter how someone tries to get in.

File uploads work the same way, using the same rules that protect your data. Supabase can also run your code close to your users so things feel fast. And it was one of the first to make it easy to store the kind of data AI apps need right alongside everything else, which is a big reason so many of today's AI apps were built on it by default.

Underneath all of it, the team is now working on the harder part of their promise of “build in a weekend, scale to millions” by expanding standard Postgres horizontally, through projects like Multigres and OrioleDB, so Supabase can scale past the ceilings that have historically led some fast-growing companies to leave.

USVC's thesis starts with founders, and specifically with founders who have lived the problem before they solved it.

Paul Copplestone and Ant Wilson didn't set out to start an infrastructure company. Paul hit a wall building a chat feature for workspace management on Google's hosted backend and hacked together a workaround; Ant spent a decade watching that same wall slow every company he started or joined.

Six years in, Supabase is still extending Postgres for the world and building products to usher in a new generation of developers. We believe that founders who carry a problem personally tend to keep solving it long after the first insight stops feeling new.

An important feature of Supabase is that it's open source, so developers can see exactly how it works and own their data completely. Those who scale with Supabase often see it as the best solution. And thus their loyalty, earned through continuous product improvements, might just be the stickiest moat there is.

Then there's the position Supabase occupies in the Cambrian explosion of startups.

We believe the largest shift in technology right now is the collapsing cost of building software, and that much of the value will accrue to whoever owns the infrastructure underneath it.

Supabase is the backend for a generation of software written by humans and agents who never want to think about a server. And we believe that position will compound: for every new database, a new developer, a new workload, and another reason to stay.

USVC gained exposure to Supabase by buying into a seed-stage fund that held Supabase shares. They found Supabase early, well before a $10 billion valuation was on the table. We acquired this position below Supabase's most recent primary round price.

Normally, a position like this never reaches individual investors. A stake in a seed-stage fund that got into Supabase early is the kind of thing institutions and insiders hold, not something you can just pull up on an account and buy. That's the gap USVC tries to close.

USVC's exposure to Supabase runs through an investment in an early-stage fund.

This is the multi-manager side of how USVC works. We back the investors who find great companies first, and sometimes the best way into a company is to buy a position at terms the primary round no longer offers.

Two things to understand given the structure.

First, this position carries underlying fund-level costs. Unlike a direct investment, a fund interest sits beneath a manager who charges a management fee and carried interest. Those costs are real, and they come out before any value reaches USVC. Additional fees and expenses are incurred at the underlying fund level. See the prospectus for more information.

Second, to be precise about what you could own with USVC: you do not hold Supabase shares, and you do not hold the underlying fund. You own shares of USVC, a registered fund that holds this position as one investment alongside direct companies like Mercury, Recursive Superintelligence and other seed-stage funds like Weekend Fund IV.

What USVC gives you is economic exposure to one of the defining infrastructure companies of the AI build-out.

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Private markets have historically rewarded patient capital. The investors who've built real positions in venture didn't find the perfect moment. They started early and stayed long.

USVC is a way to build that position, starting with as little as $500.

Some decisions are better made in conversation than a self-service experience.

If you're thinking about a larger position in USVC or want to understand what we offer investors going deeper into private markets, our investor relations team is here for you.

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