US-based content delivery software provider Fastly has filed for a $100m initial public offering that could enable media company O’Reilly and telecommunications firms Deutsche Telekom and Swisscom to exit.
Fastly has built a cloud software platform that combines the traditional features of a content delivery network with application delivery controller technology and enhanced security features. It made a $30.9m net loss from almost $145m in revenue in 2018.
The offering comes in the wake of $216m of funding, including $40m in a July 2018 round led by Deutsche Telekom subsidiary Deutsche Telekom Capital Partners that included Swisscom’s corporate venturing unit, Swisscom Ventures, Sozo Ventures and unnamed existing investors.
The company had previously received $50m in a mid-2017 series E round led by growth equity firm Sorenson Capital that also featured Sapphire Ventures, Iconiq Capital, Amplify Partners, August Capital and IDG Ventures (now known as Ridge Ventures).
O’Reilly’s corporate venturing arm, OATV, joined Amplify Partners, August Capital, Battery Ventures, IDG Ventures and Iconiq Capital to supply $75m of series D funding for Fastly in 2015, the first five having also provided $40m for its series C round the year before.
Fastly had initially secured $1m in series A funding from OATV, Amplify Partners and Battery Ventures in 2012 before August Ventures added $10m the following year.
OATV is the only corporate investor to hold more than 5% of Fastly’s shares, owning a 10.8% stake. Its other notable shareholders are August Capital (20.4%), Iconiq Capital (12.4%) and Amplify Partners (10.6%).
BofA Merrill Lynch, Citigroup and Credit Suisse have been appointed joint book-running managers for the IPO, which will take place on the New York Stock Exchange. William Blair, Raymond James, Baird, Oppenheimer, Stifel, Craig-Hallum Capital Group and DA Davidson are co-managers.
