Vercel doubles valuation to $2.5 billion after raising $150 mn in funding round

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Vercel doubles valuation to $2.5 billion after raising $150 mn in funding round

After raising $150 million in its latest funding round, Vercel has doubled its valuation to $2.5 billion.

The San Francisco-based company said on Tuesday the fundraise was led by GGV Capital, while Accel, Tiger Global, and Salesforce Ventures participated in the round.

The new funds come five months after the operator of a front-end stack for web developers gained a valuation of https: vercel.com blog series-c 102 m-continue building-the- next-web of more than $1 billion in its previous fundraising. It raised $313 million in total.

A strong investor interest in technology and software companies has helped the sector's startups in securing high valuations this year.

ActiveCampaign, a cloud software platform, raised funds at a $3 billion valuation earlier this year, and Automation software Workato was valued at $5.7 billion in a fundraise this month.

Vercel's Next.js -- an open-source framework for web development that was created with Alphabet Inc-owned Google and Facebook Inc. - is used by websites such as TikTok, Hulu and TripAdvisor.