Solo.io has 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.
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.
According to the company, the 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 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.