Solo.io, a Cambridge, Massachusetts-based application networking company, raised $135 million in Series C funding at a valuation of $1 billion, a 10x increase in valuation since the company’s previous funding round in October 2020.
The round was led by Altimeter Capital, with participation from existing investors Redpoint Ventures and True Ventures. Today’s financing brings Solo.io’s total funding raised to $171.5 million.
This latest funding follows tremendous industry recognition as well as company and customer growth during the first half of 2021 including 500+% quarter-over-quarter growth, a 100% customer renewal rate, and 200+% net dollar growth in renewals.
Solo.io will use the money to expand its worldwide go-to-market efforts, invest in product development and professional services, and expand its services and support offerings. Solo.io will continue its growth trajectory using the new financing to further scale out its worldwide go-to-market strategy — recruiting sales, marketing, customer success, and engineering roles. As the market continues to evolve, Solo.io will be at the forefront of innovation and R&D in the application networking space.
Company: solo.io, Inc
Round: Series C
Funding Month: October 2021
Lead Investors: Altimeter Capital
Additional Investors: Redpoint Ventures and True Ventures
Company Website: https://www.solo.io/
Software Category: Programming interface (API) infrastructure software
About the Company: Solo.io, the application networking company, delivers API infrastructure from the edge to service mesh, helping enterprises adopt, secure, and operate innovative cloud-native technologies. APIs drive microservices and cloud-native technologies, forming the foundation for developers, partners, and customers to interact with application services quickly, effectively, and securely. Solo.io brings developer and operations tooling to manage and federate security and traffic control and tie together the integration points to enable and observe the application network. Founded in 2017 in Cambridge, MA, Solo.io is backed by Altimeter Capital, Redpoint Ventures, and True Ventures.