SoHo STARTUP RECEIVES $37.2 MILLION

You are a small business owner with a fresh startup, and you just got handed $37.2m to propel your business into long-term success. It sounds like a dream, and for many, it is. But for these three New Yorkers, it’s a dream come true.

Ben and Moisey Uretsky, and their partner Mitch Wainer run a company called DigitalOcean. Their business is online data management. As we progress into a digital age, DigitalOcean caters to mobile application developers by providing online cloud hosting services.

With an unheard of starting rate of $5 per month for 20GB of space, DigitalOcean undercuts every competitor. The company also offers fly scaling- this means developers can change the amount of RAM on a box, or expand disk size easier than ever. As businesses wrestle with managing large amounts of data on a daily basis, DigitalOcean emerges with a fast and user-friendly solution.

Since it’s beginnings in 2012, the company has received attention from multiple lending firms. in 2013 IA Ventures led a $3.2 million investment for the company. This year they teamed up with investment leader Andreessen Horowitz to give DigitalOcean the $37.2 million they need to take their business to the next level.

The company plans to use that money to hire up to 100 new developers, which could nearly triple their current number of employees. The company currently has data centers in New York, San Francisco, Amsterdam and Singapore, with plans to buy more centers in the United Kingdom and South America.

“Instead of people going to GoDaddy to spin up a website, they can use DigitalOcean. At the same time, startups pushing next-gen application can select DigitalOcean. Ultimately, for large-scale business, they’re moving towards workloads that are a better fit for our cloud: we have an SSD performance advantage and a  price advantage,” explain Uretsky. “We just want to be seen as this easy-to-use, quickly consumable infrastructure provider.”

Be on the lookout for more from DigitalOcean. You can be sure this is just the beginning for the company.

Written by Alyx Harper for SoHoNYC.com

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