Green Cloud Closes $3.1M Funding Round for Channel Program ExpansionGreen Cloud Closes $3.1M Funding Round for Channel Program Expansion
Green Cloud has closed $3.1 million of additional equity venture capital from its existing investors. It has also secured an increase and extension of its senior credit facility to $3 million.
October 6, 2014
Green Cloud on Monday announced it has closed $3.1 million of additional equity from its existing investors. It has also secured an increase and extension of its senior credit facility to $3 million.
The Greenville, South Carolina-based cloud technology provider offers cloud-based solutions to small and medium-sized businesses (SMBs) by leveraging platforms well-known platform providers such as VMware, NetApp and Cisco.
Green Cloud said it will use the additional funding to pay for the expansion of its national channel program through new channel partner recruitment and cloud-related acquisition.
Existing investor Millry Corp., a Millry, Alabama-based communications company, led the additional financing round. Durham, North Carolina-based Square 1 Bank increased Green Cloud’s senior credit facility from $2 million to $3 million.
Shay Houser, CEO at Green Cloud, told Talkin’ Cloud in an interview that the company is looking to grow its channel program by recruiting more managed services providers (MSPs) and value-added resellers (VARs) into its partner ecosystem, and adding additional marketing recruitment tools.
Even though Green Cloud has relied on organic so far, it’s now looking for aquisitions to augment company growth. House said the company is open to acquiring other cloud service providers (CSPs), virtual desktop infrastructure (VDI) providers or private cloud providers to drive the growth of its channel program.
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