Oxylabs, a Lithuanian web scraping company, has reached a $3.6bn valuation after a decade of rejecting venture capital funding. The company remained profitable from day one, following a bootstrapped approach that prioritised organic growth over external investment. In 2024, Oxylabs secured $959m in its first external funding round, partnering with investors who aligned with its long-term vision.

The company's revenue has grown significantly, reaching $299m in annual recurring revenue for its enterprise clients. Oxylabs operates in a competitive market alongside global players like Bright Data and ScraperAPI, but its founder emphasised that the timing and partner selection were crucial. The company's CEO stated that taking external investment required careful consideration, noting that the right partner could accelerate growth without compromising the company's values.

Oxylabs plans to expand its operations across Europe and North America, leveraging its profitable foundation to fund new initiatives independently.