DigitalOcean, a NYC-based cloud for developing modern apps, closed a $50m Series C funding.
The round was led by Access Industries, with participation from Andreessen Horowitz (a16z).
The funding, which follows the $320m debt financing in February, brings DigitalOcean’s equity valuation to $1.15 billion.
The company will use the funds to continue to expand operations and its business reach.
Founded in 2012 by Yancey Spruill, CEO, DigitalOcean provides a cloud to simplify app creation for new generations of developers — from individual developers to startups and SMBs. The company has $300M in annual recurring revenue, serving more than 500,000 customers globally, with nearly two-thirds located outside the U.S.