The big rounds just keep coming this week.
Vercel, a platform that allows firms to build web applications in the cloud, closed a $250 million Series E at a $3.25 billion valuation. This week saw eight rounds price at least $100 million for US-based startups.
He led the round Speed upwith the participation of other existing investors, incl CRV, G.VNotable capital (formerly GGV capital), Bedrock, Geodetic Capital, Global Tiger, 8VC AND Angel of Saint.1.
The recent round is an improvement over Vercel’s 2021 raise, when it secured $150 million in Series D financing at a $2.5 billion valuation led by GGV capital.
The San Francisco-based company enables developers to use an open-source framework to create web applications and seeks to simplify the process to migrate web sites to cloud infrastructure to improve accessibility.
“An increasing number of enterprises around the world are adopting Vercel’s Frontend Cloud to create more efficient, personalized web experiences,” said founder and CEO Guillermo Rauch in a statement. “As we enter our next stage of growth and innovation, the Vercel team remains focused on helping more businesses securely deliver dynamic, AI-powered digital experiences.”
It’s getting big
Vercel has many famous clients comparable to In armor, Unity AND Nintendoand stated that it recently surpassed $100 million in annual revenue and over 1 million monthly lively developers.
The company also has an AI game. It will use the recent funds to further develop its version 0 product, which allows users to use text to describe what they need, and an AI-enhanced interface will turn it into code for building web applications.