UNDERWRITE · Supabase Download PDF
cc: IC
10/11/26

UNDERWRITE EVALUATION FORM

CompanySupabase Date Rec'd10/11/26
AddressUnited States Websitesupabase.com
Introduced ByUnderwrite agent Founded20201
BUSINESS:
Supabase offers a Postgres development platform that includes a managed Postgres database, authentication, instant APIs and realtime subscriptions, enabling developers to build full‑stack apps without managing infrastructure.1
FINANCING TO DATE:
11892247961 · last round: Series F ($500M)
MARKET:
Operates in the backend‑as‑a‑service space competing with Firebase, Neon, PlanetScale, Hasura, Appwrite.2
OPERATING STATISTICS: (as of 10/26)
Employees4391
Funding raised11892247961
Last roundSeries F ($500M)
Founded20201
MANAGEMENT:
Paul Copplestone — CEO1
Founders: Paul Copplestone, Ant Wilson1
Team size: 4391
COMMENTS:
Supabase, founded in 2020, provides a Postgres‑based development platform and has raised over $1.19B, most recently a $500M Series F round at a ~$10B valuation. The company reports $170M ARR and employs 439 staff. Competitors include Firebase and others.
RISKS:
No verified risks identified in the provided claims; open question remains regarding security, regulatory, and market challenges.
RECOMMENDATIONdig deeper: strong product and funding but need to assess market risks
ACTION TAKENPursue CONFIDENCEmedium
SKEPTIC4 OBJECTIONS OPEN · 2 REVIEWS
VERIFIED12 OF 12 CLAIMS · 0 CONFLICTS
FORM UW-1 · prompts v2run eval-v2-agent-all-20261011-174143

MEMORANDUM

TO:Investment CommitteeFROM:Underwrite (autonomous diligence agent) DATE:October 11, 2026RE:Supabase (supabase.com) — first-pass diligence

Recommendation: dig deeper: strong product and funding but need to assess market risks (confidence: medium)

Summary

Supabase, founded in 2020, provides a Postgres‑based development platform and has raised over $1.19B, most recently a $500M Series F round at a ~$10B valuation. The company reports $170M ARR and employs 439 staff. Competitors include Firebase and others. Further diligence needed on market dynamics and potential risks.1342

Product & business model

Supabase offers a Postgres development platform that includes a managed Postgres database, authentication, instant APIs and realtime subscriptions, enabling developers to build full‑stack apps without managing infrastructure.1

Team

Founders: Paul Copplestone (CEO) and Ant Wilson. Paul Copplestone serves as CEO.1

Funding & traction

Total funding $1,189,224,796 per Crustdata. Latest round: $500M Series F led by GIC (post‑money $10.5B). Reported ARR $170M as of May 2026. Employee count 439.1354

Market & competition

Operates in the backend‑as‑a‑service space competing with Firebase, Neon, PlanetScale, Hasura, Appwrite.2

Risks & red flags

No verified risks identified in the provided claims; open question remains regarding security, regulatory, and market challenges.

Open questions

— Underwrite
Every factual sentence cites a source that passed verification (red circles → Appendix A)page 2

APPENDIX A — SOURCES & VERIFICATION

✓ quote found in the source and judged supporting by an independent checker · ~ partially supported

  1. Crustdata company record: Supabase · Crustdata company database · fetched via crustdata
    • ✓ Supabase was founded in 2020.
    • ✓ Supabase's headquarters is listed as Global, United States.
    • ✓ The founders of Supabase are Paul Copplestone and Ant Wilson.
    • ✓ Paul Copplestone is the CEO of Supabase.
    • ✓ Total funding raised by Supabase is 1,189,224,796 USD according to the Crustdata record.
    • ✓ Supabase has an employee count of 439.
    • ✓ Supabase offers a Postgres development platform providing a Postgres database, authentication, instant APIs, and realtime subscriptions.
  2. 9 Supabase Statistics (2025): Valuation, Revenue, Funding ... · taptwicedigital.com · fetched via crustdata-web
    • ✓ Supabase's main competitors include Firebase, Neon, PlanetScale, Hasura, and Appwrite.
  3. Supabase Announces $150M in New Funding and Turso ... · www.prnewswire.com · fetched via crustdata-web
    • ✓ Supabase announced a $500 million Series F funding round at a $10.5 billion post-money valuation.
  4. Supabase revenue, valuation & funding - Sacra · sacra.com · fetched via crustdata-web
    • ✓ Sacra estimates that Supabase reached $170M in ARR by May 2026.
  5. Supabase Series F · supabase.com · fetched via crustdata-web
    • ✓ Supabase announced a $500M Series F led by GIC at a $10B pre-money valuation.
    • ~ Stripe is an investor in Supabase and maintains strategic ties.

Rejected claims (kept out of the memo)

Skeptic reviews

  1. Round 1: needs work
    • [q4] Key funding figure ($500M Series F in 2026) relies on a single source and may be outdated or speculative → Search for recent reputable news articles or press releases confirming Supabase's Series F round size, date, and valuation
    • [q5] Traction metrics (ARR $170M, customer count) are based on a single third‑party estimate without corroboration → Find additional sources (e.g., company blog, interviews, financial analysis) that report Supabase's ARR, revenue growth, or customer numbers for 2025‑2026
    • [q9] ARR estimate comes from Sacra, a less‑known firm; need higher‑quality confirmation → Locate other market research firms or analyst reports that provide Supabase ARR or profitability estimates
    • [q10] Strategic partnership claim only cites Stripe investment; mentions of Vercel and GitHub lack supporting sources → Search for announcements or integration pages showing official partnerships or joint projects between Supabase and Vercel or GitHub
  2. Round 2: needs work
    • [q4] Series F amount and valuation rely on a PRNewswire link that mentions $150M funding and Turso acquisition, not the $500M round; need a reliable source confirming the $500M Series F and $10.5B valuation. → Search for reputable news articles or Supabase blog posts confirming the $500M Series F round and its valuation.
    • [q5] ARR estimate ($170M) is based solely on Sacra, a third‑party research firm; need additional corroboration such as analyst reports or company statements. → Find another independent source (e.g., Crunchbase, PitchBook, or a news article) that mentions Supabase's ARR or revenue figures for 2026.
    • [q10] Strategic partnership claim only cites Stripe investment; mentions of Vercel and GitHub lack supporting sources. → Locate announcements or blog posts confirming partnerships or integrations with Vercel and GitHub.
    • [q4] Total funding figure ($1.189B) is sourced only from Crustdata; cross‑verify with another database to ensure accuracy. → Check Crunchbase, PitchBook, or similar to verify total amount raised by Supabase.

Agent run log

Claims extracted: 12
Verified: 12 (92% fully)
Rejected: 0
Conflicts flagged: 0
Research rounds: 2
Recoveries: 2
Run time: 163s
Crustdata credits: 12
LLM cost (list price): $0.045
Agent steps: 25
Claims rejected in-loop: 1 of 13
Self-corrections: 1
Skeptic objections: 8
Tools used: company_profile ×1, finish ×2, read_page ×3, record_claim ×13, update_question ×11, web_search ×11

neatlogs trace: not exported

Generated by Underwrite · 2026-10-11 20:32page 3