The San Francisco-based firm plans to use the new funds to further develop its v0 product, an AI-enhanced interface that turns user-described text into code for web application development. Vercel, which counts Under Armour, Unity, and Nintendo among its customers, recently surpassed $100 million in annualized revenue and more than 1 million monthly active developers.
Key takeaways:
- Vercel, a cloud-based web application development platform, has secured a $250 million Series E funding round at a $3.25 billion valuation.
- The round was led by Accel and included participation from CRV, GV, Notable Capital, Bedrock, Geodesic Capital, Tiger Global, 8VC and SV Angel.
- Vercel's platform is used by big-name customers like Under Armour, Unity and Nintendo, and the company recently surpassed $100 million in annualized revenue and more than 1 million monthly active developers.
- The new funding will be used to further develop Vercel's v0 product, which uses AI to turn user text descriptions into code for web application development.