It’s been a little more than six months since I joined DigitalOcean as CEO and each day I find myself even more excited about the opportunity ahead of us. Today, I’m pleased to share some good news for everyone in our community.
I’m happy to announce that we’ve closed on a $300 million bank debt financing, with a consortium of blue-chip commercial lenders, which increases the capital available for us to invest in building a business that supports the needs of developers, entrepreneurs, and small businesses around the globe. With this capital, which includes $100 million in funding from new lenders, we have fully funded our business to profitability and to reach our aspiration of more than $1 billion in revenue within the next five years.
For our team, this is huge news, but for our community we believe it’s even bigger. When DigitalOcean was first founded, we focused on creating an offering specifically tailored to the needs of an underserved segment of the market – the developer. Over time, as our offerings have expanded, we have broadened our focus to include entrepreneurs and small and mid-sized businesses (SMB), who, like developers, need simple solutions to help them get lift-off on their ideas.
Today, we are proud to support a community that is more than four million developers strong and an active customer base of more than 500,000 – more than half of whom are businesses. We’ve also been able to establish a strong presence globally, with nearly two-thirds of our customers coming from outside of the US.
Since joining, I’ve met with many, many customers and partners. In every meeting I’m blown away by the amazing businesses and projects they’ve built and are building on top of DigitalOcean. I’m also struck by the commonalities these customers share. The need for the simplicity of our products, cost-transparency, unwavering support to help them, and investment in their learning through tutorials and events – and of course, the love for serving our customers – remain core to us.
I’m so proud at how many of our customers express how they’ve found their partner and “home” here at DigitalOcean.
As we move onto our next phase of growth, I promise that we will continue to scale our business in a way that not only supports these individuals and teams, but also helps them thrive. For our own team we are focused on continuing to invest and enhance our capabilities at DO to better serve our customers.
I extend the promise to each existing and future customer that we are focused on growing faster so you never have to think about the complexities of scaling your infrastructure. We are growing smarter so we can continue to deliver the features, education, and support you need at an affordable price point. And we are growing together so we can further unite our community and help even more developers, founders, and teams tackle tough problems and capitalize on their ideas to build software that changes the world.
We look forward to the journey ahead, and I want to take this opportunity to thank each and every customer and partner who has entrusted us to help you build your business and realize your dreams.
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