CloudFlare raised $150 million in its latest round of funding, which was led by Franklin Templeton. The startup also made new appointments to its board of directors.
This is the company’s second significant funding round. In 2015, it raised $110 million and was valued at $3.2 billion. (The company declined to give an updated figure with its latest funding round.) At that time CloudFlare co-founder and CEO Matthew Price told Fast Company that it was setting its sights on Amazon Web Services (AWS) and the cloud provider market.
CloudFlare wears quite a few hats. While part of its main business is content delivery network (CDN) services — it claims to support over 13 million web domains — it also has a stake in both cloud and security. With all of its businesses, it seeks to eliminate hardware and act as an internet edge service provider.
Its other main businesses is turning a number of hardware appliances that secure traffic — such as load balancers, WAN optimizers, malware scanners, firewalls, DDoS mitigation gear, and authentication devices — into cloud services.
CloudFlare also rents security and optimization services in competition with hardware from traditional vendors including Cisco and Juniper Networks.
CapitalG (formerly Google Capital), Microsoft, Baidu, Qualcomm, Pelion Venture Partners, Fidelity, are just some of the company’s investors. The new round is meant to support CloudFlare’s growth, extend its product ranges, and expand into new international markets.
Late last year there were reports that CloudFlare would go public in the first half of this year. However, with this big funding round it seems unlikely that CloudFlare will follow that timeline. While the company is still expected to go public at some point, it now has the capital to stay private for longer than originally expected.
Additions to CloudFlare Board
Alongside the funding announcement, CloudFlare made two appointments to its board of directors. Stan Meresman and Maria Eitel both joined the board.
Eitel is the founder and co-chair of the Nike Foundation and chair of Girl Effect, an independent nonprofit created by Nike. Eiel was formerly the VP of corporate responsibility at Nike, headed up Microsoft’s European corporate affairs, and worked in media affairs in the George H.W. Bush White House.
Meresman is the former CFO of Silicon Graphics. He has also held positions at LinkedIn, Palo Alto Networks, Zynga, Meru, Riverbed, and Polycom.
Meresman and Eital join four existing board members: Scott Sandell, NEA managing director; Carl Ledbetter, Pelion Venture managing partner; Prince, Cloudflare co-founder and CEO; Michelle Zatlyn, Cloudflare co-founder and COO.