Render, a DevOps cloud platform, has secured $20 million in a Series A funding round headed by venture capital firm – Addition – alongside existing investors such as South Park Commons and General Catalysts.
According to Render co-founder and CEO, Anurag Goel, Addition made a small investment in their firm earlier in 2020 when the company was not planning to raise a round.
Render had then declared a seed round for $4.5 million, its last raise in October 2020. Currently, the company's total valuation stands at $26.75 million after the latest round of funding.
Mr. Goel mentioned that the firm will be leveraging the funding to almost triple its employee strength by the end of 2022, focusing majorly on customer growth and product.
It also seeks to enlarge its data center footmark worldwide by entering in least 10 new regions in 2022 to enhance latency, introducing the firm for the first time in EMEA and APAC.
Moreover, Render plans to roll out new databases and web services features to intensify access to its product and built-in DDoS protection for its customers, said Goel.
Majority of customers use its platform for their whole cloud presence. Its key customers include the online developer community Indie Hackers, publicly traded Anker, and Web3 platform NEAR.
Mr. Goel further said that many of its customers host popular open-source projects like MySQL, Elasticsearch, and MongoDB on Render as a substitute to exclusively managed versions of these services. Render has simplified the procedure of supervising such projects.
Furthermore, compared to the market, Render stands in competition with the major cloud providers — Amazon Web Services, Microsoft Azure, and Google Cloud — by offering an extensive suite of features at a competitive cost.
Several of Render's customers shift to its platform from AWS and Heroku as it offers amplified flexibility, improved performance, and access to modern features like private networking, infrastructure-as-code, and persistent storage.