- Companies
- Solo.io
Solo.io Valuation, Funding & Investors
Solo.io is valued at $1B as of October 2021.
Last Solo.io valuation
$1B
Series C · Oct 2021
Last Solo.io funding round
$135M
Series C · Oct 2021
Cumulative funding Solo.io raised
$172M
across 4 funding rounds
Key investors in Solo.io
True Ventures
Redpoint
WestWave Capital
Quiet Capital
Haystack
Altimeter Capital
About Solo.io
Solo.io is a Boston-headquartered leader in API management and service mesh platforms including Gloo Gateway, Gloo Mesh, and Gloo AI Gateway. The company secures and observes APIs across Kubernetes, VMs, multi-cloud, and hybrid setups using Envoy Proxy and Istio. Trusted by T-Mobile, Chick-fil-A, and Capital One, Solo.io contributes to CNCF projects. Founded in 2017, it enables zero-trust architectures for platform teams worldwide via solo.io.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$1B (Oct 2021)
Solo.io Valuation
Solo.io is currently valued at $1B, based on its Series C in October 2021.
The $135M round was led by Altimeter Capital, with participation from Redpoint and True Ventures.
Solo.io's valuation has grown 100x from $10M at its seed round in September 2017 to $1B in October 2021, across 2 priced rounds.
Solo.io valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2021 | Series C | $1B |
| Sep 2017 | Seed | $10M |
Solo.io Funding History
Solo.io has raised a total of $172M across 4 funding rounds.
Solo.io's first fundraising round was a $3M seed round in September 2017. The most recent completed round was a $135M Series C in October 2021.
Solo.io funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2021 | Series C | Altimeter Capital (lead); Redpoint; True Ventures | $135M | $1B | Solo.io is a Cambridge, Massachusetts-based startup specializing in service mesh and application networking solutions for cloud-native environments, particularly stitching microservices together in Kubernetes ecosystems with products like Gloo Gateway, Solo Enterprise for Istio, and later expansions into API management and agentic infrastructure. The company announced a $135 million Series C funding round on October 7, 2021, led by Altimeter Capital with participation from existing investors Redpoint Ventures and True Ventures, bringing total funding raised to approximately $171.5 million across four rounds. This round achieved a $1 billion post-money valuation, marking a 10x increase from the prior Series B valuation in October 2020 when they raised $23 million. The funding enables Solo.io to accelerate growth, scale operations globally, expand engineering and sales teams, invest in product development and R&D, and capture market share in the rapidly growing service mesh and API management sectors amid surging demand for multi-year enterprise contracts. Investors valued the company highly due to this traction and the lucrative potential of cloud-native tools. Competitively, Solo.io positions itself against players in cloud infrastructure, API gateways, and open-source ecosystems like Istio, backed by prominent VCs with portfolios including Snowflake, Twilio, and HashiCorp. The round was not initially sought but pursued to meet customer demand and dominate the market. |
| Oct 2020 | Series B | Quiet Capital (lead); Redpoint (lead); True Ventures | $23M | - | Solo.io is a Cambridge, Massachusetts-based company founded in 2017, specializing in cloud-native API and service mesh solutions, including products like Gloo Gateway and Gloo Mesh, to enable secure and seamless cloud operations for enterprises adopting microservices and Kubernetes ecosystems. The Series B funding round raised $23 million in October 2020, led by Quiet Capital and Redpoint, with participation from True Ventures, aimed at supporting growth, product development in service mesh and API gateway technologies, and team expansion. This followed a Series A of $11 million in December 2018 led by Redpoint to accelerate product development and go-to-market strategy. Investors include prominent firms like Redpoint Ventures (focused on cloud, APIs, and infrastructure), True Ventures (early-stage tech), and others. Solo.io operates in the competitive cloud-native application networking market, addressing service mesh and API management needs amid rising Kubernetes adoption, positioning against players in open-source ecosystems like Istio. The funds from Series B and C supported scaling operations, global expansion, engineering, sales, and enterprise-grade capabilities. As of 2021, the company reached unicorn status, reflecting strong investor confidence in its market traction and growth potential. |
| Dec 2018 | Series A | Redpoint (lead); Haystack; True Ventures; WestWave Capital | $11M | - | Solo.io raised $11 million in a Series A funding round in December 2018 led by Redpoint Ventures, with participation from seed investor True Ventures. The Cambridge, Massachusetts-based company provides software to help enterprises adopt cloud-native technologies like microservices, serverless, and service mesh through its Gloo Enterprise API gateway built on the Envoy proxy. The funding supports investment in product development for open-source and enterprise tools, sales and marketing expansion, customer success, support, and evangelism efforts. |
| Sep 2017 | Seed | WestWave Capital | $3M | $10M | Solo.io, founded in 2017 and headquartered in Cambridge, Massachusetts, develops cloud-native application networking solutions including API gateways and service meshes based on Envoy proxy and Istio. The company raised $2.5 million in a Series Seed round on September 12, 2017, led by True Ventures, achieving a post-money valuation of $10 million. WestWave Capital is listed among the company's investors, though not specifically for this round. This early funding supported Solo.io's initial development in the application networking space, focusing on connectivity for microservices in cloud environments. The round valued the startup at $10 million post-money, with a price per share of $0.17 and 14,760,148 shares outstanding. Solo.io has since progressed through multiple funding stages, accumulating over $171 million in total funding. |
Who has invested in Solo.io?
6 investors have backed Solo.io across its funding rounds, including True Ventures, Redpoint, WestWave Capital, Quiet Capital, Haystack and Altimeter Capital.
Lead investors include Altimeter Capital, Quiet Capital and Redpoint.
Solo.io Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Dec 2018 | ||
| 3 | Participant | Dec 2018 | ||
| 2 | Participant | Sep 2017 | ||
| 1 | Participant | Dec 2018 | ||
This data is available for Pro users. Sign up to see all 6 Solo.io investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialSolo.io Competitors
Solo.io competitors include listed companies like Asiainfo Security and Richinfo Technology, and private ones like Defense Unicorns, JupiterOne, Qingteng Cloud Security and Obsidian Security.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $938M | - | ||
| Private | - | - | $1.1B | - | ||
| Publicly listed | $1.2B | ($11M) | $781M | 1.1x | ||
| Publicly listed | $273M | $51M | $1.3B | 4.6x |
Solo.io Public Comps
Solo.io is still privately-owned, but its public comps include Sify Technologies, Rackspace, cyber_Folks, Systena, NSFOCUS, SAKURA Internet, Net263, BeiJing Certificate, Montnets and Odine.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $468M | $107M | 3.2x | 2.0x | 13.8x | 8.2x | |||
| $2.7B | $244M | 1.5x | 1.6x | 17.1x | 15.0x | |||
| $226M | $72M | 5.1x | 4.3x | 16.1x | 13.0x | |||
| $607M | $107M | 1.4x | 1.4x | 7.9x | - | |||
| $379M | $37M | 2.6x | 2.4x | 26.1x | 25.6x | |||
| $227M | $54M | 4.8x | 4.1x | 19.9x | 14.1x | |||
| $119M | ($29M) | 7.4x | - | (30.1x) | - | |||
| $125M | ($12M) | 6.7x | - | (70.9x) | - | |||
This data is available for Pro users. Sign up to see all Solo.io competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Solo.io
| When was Solo.io founded? | Solo.io was founded in 2017. |
| Where is Solo.io headquartered? | Solo.io is headquartered in United States. |
| Is Solo.io publicly listed? | No, Solo.io is a private, VC-backed company. |
| What is Solo.io's valuation? | Solo.io was last valued at $1B in its Series C in October 2021. |
| How much funding has Solo.io raised? | Solo.io has raised $172M across 4 funding rounds. |
| What was Solo.io's last funding round? | Solo.io's last funding round was a $135M Series C in October 2021, led by Altimeter Capital. |
| Who are Solo.io's investors? | Solo.io's investors include Redpoint, True Ventures, WestWave Capital, Haystack, Altimeter Capital and Quiet Capital. |
| Which companies are comparable to Solo.io? | Companies comparable to Solo.io include Defense Unicorns, JupiterOne, Qingteng Cloud Security, Obsidian Security, Asiainfo Security and Richinfo Technology. |
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