San Francisco-based content delivery network (CDN) provider, Fastly, raised another $50 million in funding to expand its business as a supplier of speedy application, website and web service delivery. The most recent Series E round was led by Sorenson Capital, with participation from Sapphire Ventures. Existing investors include Iconiq Capital, Amplify Partners, August Capital, O’Reilly AlphaTech Ventures (OATV) and IDG Ventures.
The six-year old cloud-based edge platform offers a suite of web and application performance, video streaming, cloud security and load balancing services in order to help companies power “fast, secure and scalable digital experiences,” writes Fastly. Customers include a range of content-focused companies such as The New York Times, Pinterest, BuzzFeed, Kayak and Unilever’s Dollar Shave Club.
Fastly’s total funding now amounts to nearly $180 million from six rounds, including a $75 million Series D investment in 2015. With the new capital, the company plans to build out its product and service suite and extend its reach into new markets. Investors see the CDN provider as positioned to gain from the booming public cloud service market, expected by Gartner to reach $250 billion by then end of this year. According to Fastly, the company has secured over 100% annualized revenue growth in the most recent two quarters as it “quickly approaches” a break-even point. The Silicon Valley platform will head off against CDN players such as Amazon’s AWS CloudFront, CloudFlare, Akami and Google’s Cloud CDN Service.