Constant, the creator of the Vultr cloud computing and bare metal platform, closed a $150 million credit facility from J.P. Morgan and Bank of America, including a $25 million uncommitted expansion option to accommodate future growth. Constant will use the additional capital to expand its global footprint of automated cloud infrastructure.
“We are excited to be part of Constant’s growth and to support the company with this new credit facility,” Melissa Smith, head of specialized industries and middle marketing banking at J.P. Morgan, said. “The independent cloud provider market is growing rapidly as developers around the world seek cost-effective alternatives to the large hyperscalers, representing a tremendous growth opportunity for Constant.”
Constant is a cloud computing platform built without raising equity financing. The business was founded by David Aninowsky, who now serves as executive chairman, and the Vultr platform was launched in 2014.
451 Research, an S&P Global advisory firm specializing in high-growth emerging technologies, defines the alternative or independent cloud provider market as delivering the core value proposition of cloud but in a simpler, easier-to-use and lower-cost way than the large hyperscalers.
“The cloud infrastructure market is inherently capital intensive, and reaching Constant’s size and growth rate without ever raising equity capital is unprecedented in this market. This highlights the strength of our technology platform and team,” J.J. Kardwell, CEO of Constant, said. “As a company, we operate independently, like our customers do. We put the needs of our developer customers first, and we have grown to be a leader in the market by delivering enterprise-grade cloud computing at a price and ease of use that is accessible for developers and businesses of all sizes around the world.”
More than 40 million cloud servers have been launched on the Vultr platform.
