DigitalOcean‘s $50 million Series C funding round led by Access Industries. The funding follows the $320 million in debt financing in February. According to the announcement, Series C funding brings DigitalOcean’s equity valuation to $1.15 billion. The company also stated that this investment will allow the company to enter its next phase of significant growth.
Transform the cloud space for developers and SMBs
Pueo Keffer, managing director at Access Industries also stated that the company is well-positioned to transform the cloud space for developers and SMBs in the years ahead. Yancey Spruill, CEO at DigitalOcean 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.”