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Report: US cloud startup Fastly plans IPO, could value company at over $1B

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Report: US cloud startup Fastly plans IPO, could value company at over $1B

Fastly Inc. could be valued at more than $1 billion in its planned initial public offering later in 2019, Reuters reported March 21, citing sources.

The U.S. cloud services startup has reportedly tapped Bank of America Corp. as lead underwriter for the IPO, although the plans could still change.

San Francisco-based Fastly has so far raised about $220.8 million, including $40 million in July 2018 during a series F funding round led by Deutsche Telekom AG's investment arm Deutsche Telekom Capital Partners Management GmbH, according to S&P Global Market Intelligence data.

Fastly provides cloud services that help web pages load faster. It also offers security, video and streaming solutions, according to Reuters.