Netlify, a US-based web development software provider backed by media group Bloomberg, received $53m yesterday in a series C round that was led by venture capital fund EQT Ventures.
Andreessen Horowitz, Kleiner Perkins and Preston-Werner Ventures filled out the round. Netlify did not disclose its valuation but chief executive Mathias Biilmann and president Chris Bach told TechCrunch it was “very generous”.
Founded in 2014, Netlify has created a development platform to build web applications that run complex functionality such as user authentication in the browser and which are deployed through a multi-cloud network without requiring a traditional server.
The platform has attracted 800,000 developers to date,including consumer goods conglomerate Unilever, social media group Facebook and networking and virtualisation software producer Citrix.
The series C proceeds will be spent on recruitment and the development of additional features. It will also help accelerate partnerships with web agencies and technology partners.
The company is looking to expand its offering to European enterprise clients and hopes to tap into EQT’s network to do so. Laura Yao, deal partner and investment adviser at EQT, has joined its board of directors and will offer her expertise on the US market.
Netlify has now secured $97.1m in equity financing to date. Kleiner Perkins led a $30m series B round for the company in late 2018, with contributions from Andreessen Horowitz and assorted private investors.
Bloomberg Beta, the venture capital affiliate of Bloomberg, took part in the company’s $12m series A round in 2017, which was led by Andreessen Horowitz and backed by Designer Fund and Tank Hill Ventures. The latter investor had joined Bloomberg Beta in Netlify’s $2.1m seed round in 2016.
