DigitalOcean, a New York and Cambridge, MA-based provider of a cloud platform to deploy, manage, and scale applications of any size, closed on a $300m bank debt financing.
A consortium of blue-chip commercial lenders participated in the round.
The company intends to use the funds to continue to build the business and – according to a post https://blog.digitalocean.com/an-update-on-the-digitalocean-business/ – reach its aspiration “of more than $1 billion in revenue within the next five years”.
Founded in 2012 and now led by CEO Yancey Spruill, DigitalOcean provides developers, entrepreneurs, and small businesses around the globe with a cloud platform to deploy, manage, and scale applications of any size, removing infrastructure friction and providing predictability to spend more time building their software. Today, the company supports a community of more than four million developers and has an active customer base of more than 500,000 – more than half of whom are businesses.