An Update on the DigitalOcean
By Yancey Spruill, DigitalOcean
February 21, 2020
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
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.
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.