Total amount raised
$110.5 Millions
Latest funding date
06/01/2023
Location
Fly.io has successfully raised funding through multiple rounds, with notable investors including Andreessen Horowitz and Intel Capital. The platform offers an Application Delivery Network (ADN) that helps website owners connect with their customers efficiently and securely.
Keep reading to explore the intricacies of Fly.io's fundraising journey and the investors backing this innovative platform.
What Is Fly.io?
Fly.io, founded in 2016, is based in Chicago, Illinois. The company was established by Jerome Gravel-Niquet, Kurt Mackey, and Michael Dwan.
Fly.io offers an Application Delivery Network (ADN) that helps website owners connect with their customers. Their services include Fly Machines, Fly Anycast HTTP, Fly Volumes, Fly Kubernetes, Fly GPUs, and LiteFS Cloud.
With a team of 51-100 employees, Fly.io continues to innovate in the field of application delivery, providing secure and efficient solutions for website owners.
How Much Funding Has Fly.io Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's initial development and operations.
- Seed Round
- Amount Raised: $3.5M
- Date: April 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage growth and product development.
- Series A
- Amount Raised: $12M
- Date: August 2021
- Lead Investors: Intel Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series B
- Amount Raised: $25M
- Date: July 2022
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's capabilities.
- Series C
- Amount Raised: $70M
- Date: June 2023
- Lead Investors: EQT Ventures
- Valuation at Round: $467M
- Motivation Behind the Round: To expand global footprint, increase data centers, and introduce new features like GPUs for AI workloads.
Total Amount Raised: $110.5M. Current Valuation: $467M.
Key Investors
- EQT Ventures
- Details: EQT Ventures is a European venture capital firm that invests in technology-driven companies. They focus on supporting ambitious founders and their teams to build global success stories.
- Investment Focus Areas: Technology, software, internet
- Notable Investments: Wolt, Small Giant Games, Handshake
- Andreessen Horowitz
- Details: Andreessen Horowitz, also known as a16z, is a private venture capital firm based in Silicon Valley. They invest in both early-stage startups and established growth companies across various sectors.
- Investment Focus Areas: Technology, software, internet, healthcare, financial services
- Notable Investments: Facebook, Airbnb, Slack
- Intel Capital
- Details: Intel Capital is the corporate venture capital arm of Intel Corporation. They invest in innovative technology startups and companies worldwide, focusing on areas that align with Intel's strategic interests.
- Investment Focus Areas: Technology, software, internet, artificial intelligence, cloud computing
- Notable Investments: Cloudera, VMWare, Red Hat
- Dell Technologies Capital
- Details: Dell Technologies Capital is the venture capital arm of Dell Technologies, focusing on early to growth-stage investments. They aim to support innovative technology companies.
- Investment Focus Areas: Enterprise technology, cloud infrastructure, cybersecurity
- Notable Investments: Zscaler, DocuSign, MongoDB
What's Next for Fly.io?
Fly.io is poised to capitalize on the growing demand for low-latency applications and edge computing. With $70 million in Series C funding, the company plans to expand its global footprint by increasing the number of data centers and introducing new features like GPUs for AI workloads. This expansion will enable developers to deploy applications closer to users, enhancing performance and user experience.
Given the significant financial backing from investors like EQT Ventures, Andreessen Horowitz, and Intel Capital, Fly.io is well-positioned for future fundraising opportunities. The company's innovative approach and rapid growth make it an attractive target for additional investment or potential acquisition by larger tech firms looking to enhance their cloud infrastructure capabilities.
However, Fly.io faces challenges such as competing with established cloud providers and managing the technical complexities of scaling its infrastructure. Ensuring seamless integration and ease of use for developers will be crucial as the company continues to grow and innovate in the competitive cloud services market.
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