Content delivery company Fastly has raised $50 million in series E funding, led by Sorenson Capital, to meet edge cloud service demand and “ensure long-term independence,” the San Francisco-based company announced Tuesday.
New investor Sapphire Ventures also participated in the funding round, along with existing investors Iconiq Capital, Amplify Partners, August Capital, O’Reilly AlphaTech Ventures OATV and IDG Ventures.
The company, founded in 2011, provides solutions for application delivery, streaming, and cloud security, including its Image Optimizer, Load Balancer, and Web Application firewall (WAF).
Fastly said it is quickly approaching the break-even point, has an annualized run rate of $100 million, and in the last two quarters surpassed 100 percent annualized revenue growth. Its customers include The New York Times, Pinterest, GitHub, Airbnb, Spotify, and Ticketmaster, and it has added Reddit, TED Talks producer TED, and Audi of America in the last two years, according to a press release.
“Enterprise brands rely increasingly on edge cloud services to support overwhelming consumer demand for dynamic, secure experiences across web, mobile, and IoT,” said Artur Bergman, CEO and founder, Fastly. “This additional funding will help accelerate Fastly’s exponential growth trajectory, and allow us to continue adding value for our existing customer base.”
Competitors in the content delivery network (CDN) space include Akamai, Cloudflare, and in-house products from cloud providers Amazon, Microsoft, and Google.
Fastly raised $75 million in its previous funding round in 2015, which was led by Iconiq, and has now raised a total of $180 million.