Though the fundraising market is far from what it was in 2021, Chicago startup Fly.io continues to find success with some of the most prominent investors across the startup space.
The startup announced a $70 million Series C funding round this week led by EQT Ventures with participation from existing investors and big names in the venture capital space including Andreessen Horowitz, Dell Technologies Capital and Intel Capital.
It's Fly.io's third funding round in as many years after closing a $12 million Series A in 2021 and a $25 million Series B in 2022.
The funding puts the value of the company at $467 million, reported Bloomberg. Founded in 2017, Fly.io has raised more than $110 million to date.
The new funding will be used to scale its regional presence and improve reliability, as well as help Fly.io do what it's always done: run on its own hardware. The startup has developed a public cloud where developers can run applications and databases more efficiently. Its customers include companies like Fanatics, Tailscale and Walmart Labs, among others.
Fly.io said it enables developers to deploy an application globally in under two hours.
The startup's latest funding comes as venture firms raised $20.6 billion in new funds in the final quarter of 2022, a 65% drop from the same period last year and the lowest amount since the fourth quarter of 2013. The nation's top 10 metro areas by venture capital funding have seen VC investing drop a median of 74% in just over a year's time.
However, when Fly.io's $25 million Series B was announced, Andreessen Horowitz, which led the round, called it "one of the fastest-growing core infrastructure companies" it had ever seen.
Fly.io initially launched in 19 regions and is now up to 33.
