DigitalOcean has now secured a $50 million in Series C funding round backed by the Access Industries, with participation from Andreessen Horowitz. The funding follows the $320 million debt funding in February and brings DigitalOcean equity valuation of $1.15 billion.
In the past, Andreessen Horowitz has led companies such as Groupon, Facebook, Lyft, Skype, Slack, and others.
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.
DigitalOcean started its India operations when it commissioned its first data center in Bangalore in the year 2016 with a seed investment of $5 million, targeted at the thriving startup and developer community.