Cloud Computing Company DigitalOcean Closes on $300M Bank Debt Financing

Ellen Glover
February 21, 2020
NY-based cloud computing company DigitalOcean raises $300M
DigitalOcean

DigitalOcean, a company seeking to simplify cloud computing, announced Thursday it closed on a $300 million bank debt financing.

The New York-headquartered company’s platform was designed to give users the ability to easily build, deploy and scale their web, mobile and machine learning applications. Plus, DigitalOcean offers 24-hour tech support and flat monthly pricing.

DigitalOcean — which also has an office in Cambridge, Mass. — claims it has more than 500,000 customers worldwide, including Slack, WeWork and GitLab. The company says it is provides a valuable service for entrepreneurs and small and mid-sized businesses (SMBs) in addition to enterprise firms like these, too. 

“We see a tremendous opportunity to grow even faster and continue to be the cloud provider of choice for entrepreneurs and SMBs. Millions of businesses are started each year, and a growing majority of them are reliant on establishing a digital presence from day one,” CEO Yancey Spruill told Built In. “Our long term goals are to keep growing so we can continue to help even more developers, founders and teams tackle tough problems and capitalize on their ideas to build software that changes the world.

According to Spruill, the new financing has fully funded the business to profitability and will help the company reach its goal of $1 billion in revenue over the next five years. 

The company says it plans to use this most recent funding to invest in partnerships and innovate its product. Spruill also told TechCrunch that, while not immediate, “the IPO option for DigitalOcean is on the table.”

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