DigitalOcean raised $50 Million in Funding led by Andreessen Horowitz

DigitalOcean, a New York-based cloud for developing modern apps, has now secured $50 million in the Series C funding round at $1.15 billion valuations.

Founded in 2012, DigitalOcean is led by the Yancey Spruill. It offers a cloud to simplify app creation for the new generation of developers – from individual developers to startups and SMBs. The company has $300 million in annual revenue and serving more than 500000 customers across the globe.

Executive Opinion

Managing Director at Access Industries, Pueo Keffer, said, "We are excited about this investment to support DigitalOcean as it enters its next phase of significant growth. We remain extremely impressed with the company and its management and believe that both are well positioned to transform the cloud space for developers and SMBs in the years ahead."

CEO at DigitalOcean, Yancey Spruill, said, "We are delighted to extend our partnership with Access and a16z and see this capital as adding strength to our balance sheet enabling us to better serve our customers’ demand for our platform, especially during COVID-19 where we are seeing an acceleration of businesses transitioning to the cloud. We are now freed up to focus on accelerating revenue growth, transitioning to free cash flow profitability in 2020 and positioning our company ultimately to be a public company."

DigitalOcean's Latest Funding

The Access Industries led the latest funding round. Other participant in the latest funding round include Andreessen Horowitz (a16z). The round follows recent debt funding of $320 million in the month of February, brought the DigitalOcean equity valuation to $1.15 billion.

The company, as of now, has plans to use the funds to expand operations and its business reach, notes the announcement.
DigitalOcean has its presence in 195 countries with three global offices, in New York, Cambridge and Bangalore.