Cloud computing done right…
DigitalOcean, the cloud for developing modern apps, joined the Prime Unicorn Index in the quarterly reconstitution. The most recent $50 million Series C roundfollows $83 million raised for Series B. The terms surrounding the Series C include pari passu liquidation preference with all other preferred, and conventional convertible meaning they will not participate with common stock if there are remaining proceeds. The most recent price per share is $10.58895, an up round from Series B at $8.107815.
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.
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