American cloud service DigitalOcean raised $ 50 million with an estimate of more than $ 1 billion

The pandemic has accelerated the growth of startups, which helps businesses deploy cloud services faster and simplifies application development.

New York-based company DigitalOcean raised $ 50 million with a valuation of $ 1.15 billion, Crunchbase News reports. The round was led by Access Industries, and the American venture capital fund Andresseen Horowitz also took part in it.

DigitalOcean provides small and medium-sized businesses with a “simple alternative to corporate cloud computing giants” – it helps deploy cloud services faster and simplifies application development.

The company plans to use the raised money to support “profit growth rates”. “Now we can focus on accelerating revenue growth, moving to positive free cash flow in 2020 and going public,” said DigitalOcean CEO Yancey Spruill.

The popularity of the service is growing amid a pandemic and a massive transition to remote work. Company users have subscribed for a total of $ 300 million per year.

In February, the company received debt financing in the amount of $ 320 million, and since its creation in 2012, it has attracted only $ 493 million. The company has more than 500 thousand customers worldwide, including TaskRabbit, StablePoint and Snapt, the publication said.

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