The Series C funding round was led by Access Industries, with participation from Andreessen Horowitz (a16z). The funding follows the $320 million debt financing in February and brings DigitalOcean's equity valuation to $1.15 billion.

"We are excited about this investment to support DigitalOcean as it enters its next phase of significant growth," said Pueo Keffer, managing director at Access Industries. "We remain extremely impressed with the company and its management and believe that both are well positioned to transform the cloud space for developers and SMBs in the years ahead."

"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," said Yancey Spruill, CEO at DigitalOcean. "We are now freed up to focus on accelerating revenue growth, transitioning to free cash flow profitability in 2020 and positioning our company ultimately to be a public company."

Founded in 2012, DigitalOcean is a high-growth business with $300M in annual recurring revenue, serving more than 500,000 customers globally, with nearly two-thirds located outside the U.S. The company has created a strong niche in the $200 billion cloud market by catering to developers, entrepreneurs and small businesses who opt to use DigitalOcean's easy-to-use, affordable and scalable infrastructure over complex and cost-prohibitive options provided by others in the market.

More information on DigitalOcean can be found here: https://www.digitalocean.com.

About DigitalOcean

DigitalOcean and its Developer Cloud simplify modern app creation for new generations of developers - from individual developers to startups and SMBs. Its infrastructure and platform-as-a-service (IaaS and PaaS) solutions provide a "no DevOps required" experience, allowing developers to focus their energy on creating innovative software. By combining the power of simplicity, love for the developer community, an obsession for customer service, and the advantages of open source, DigitalOcean brings software development within technical and economic reach of anyone around the world. For more information, visit digitalocean.com or follow @digitalocean on Twitter.