DigitalOcean Gets $130M Credit Facility to Stretch Cloud Infrastructure
Infrastructure as a service provider DigitalOcean announced on Thursday that it has secured a $130 million credit facility to purchase equipment that will support its global expansion.
DigitalOcean has seen rapid growth over the past two years: its registered customer base has grown from 253,000 to 708,000 users that have launched more than 13 million cloud servers.
Since November DigitalOcean has opened up another data center, bringing its total to 12, with one to go live next month in India, according to Forbes. The company is also on track to launch a storage product in December which DigitalOcean CEO Ben Uretsky calls the “next generation” of its product.
“These financing transactions contribute to our goal of building the next generation cloud for software developers,” Uretsky said. “We’ll be releasing new products and features in the upcoming months that will enable larger production environments to scale on our cloud infrastructure.”
KeyBanc Capital Markets led the financing, while other banks participating in the deal include Barclays Bank PLC, Pacific Western Bank, East West Bank, Opus Bank, Webster Bank and HSBC Bank USA.
“We are delighted with the outcome of our credit facility. It complements the $83 million Series B equity financing that we closed in June 2015 and our strong cash flows and balance sheet in pursuing long-term growth opportunities,” Brian Cohen, Chief Financial Officer of DigitalOcean said in a statement.