Fastly, the edge cloud platform, today announced $50 million in funding led by Sorenson Capital, with participation from additional new investor Sapphire Ventures. With this round, Fastly has raised a total of $180 million to date.
Following the introduction of Fastly’s edge cloud platform, the company claims that it has continued to advance at a rapid pace, achieving over 100% annualized revenue growth in the last two quarters.
Fastly said it is quickly approaching breakeven and has already reached an annualized run rate of $100 million in just five years to position itself in the top echelon of rapid-growth Silicon Valley companies.
The worldwide cloud services market is projected to grow to $236 billion by 2020. Fastly will use the new funds to meet growing demand for cloud services at the edge and to ensure long-term independence. Fastly’s edge cloud platform helps online brands build scalable applications, innovate rapidly and defend against complex security threats at the edge. As a result, brands can meet customer demand for zero downtime, high speed, and personalized online experiences. Fastly customers include popular online destinations like The New York Times, Airbnb, Spotify, Pinterest, and Ticketmaster.
Fastly’s edge cloud platform provides a suite of application delivery, video & streaming, and cloud security solutions, including the company’s recently-announced Image Optimizer, Load Balancer, and Web Application Firewall (WAF). Over the past two years, Fastly has maintained a 99.99% customer satisfaction rating and doubled their overall customer base, adding leading brands like Gannett, Reddit, Alaska Airlines, TED (the producer of TED Talks), and Audi of America.
Rob Rueckert, MD at Sorenson Capital
These companies rely on edge cloud capabilities to create, deliver, and update dynamic content instantaneously and securely. Fastly has consistently demonstrated strong growth and is exceptionally well-positioned to address increasing market demand for cloud services at the edge of the network.
Artur Bergman, CEO and founder, Fastly
Enterprise brands rely increasingly on edge cloud services to support overwhelming consumer demand for dynamic, secure experiences across web, mobile and IoT. This additional funding will help accelerate Fastly’s exponential growth trajectory, and allow us to continue adding value for our existing customer base.
