SingleHop Secures $14.8 Million, Plans New Cloud ServicesSingleHop Secures $14.8 Million, Plans New Cloud Services
SingleHop has secured $14.8 million in venture debt financing from Farnam Street Financial and Silicon Valley Bank and plans to use the funds to develop new technology products and services.
May 20, 2014
Enterprises, managed service providers (MSPs) and small and medium-sized businesses (SMBs) use SingleHop for cloud infrastructure-as-a-service (IaaS) and managed hosting, the company said. In addition, its LEAP client portal allows users to create custom interfaces and is accessible via an application programming interface (API) or any smartphone or Web browser.
SingleHop has raised more than $42 million to date in total equity and debt capital from Battery Ventures, Farnam Street Financial and Silicon Valley Bank. It plans to use the $14.8 million in venture debt financing to develop new technology products and services and make strategic investments.
“This financing ensures we are well capitalized to grow our team and our services and well positioned to make strategic investments as we continue to cement our leadership position,” SingleHop Chief Executive Officer Zak Boca said in a prepared statement.
Dennis Grunt, director of Silicon Valley Bank, also commented on the announcement:
“We are committed to providing the right financing at the right stage to help our clients accelerate success. While so many companies are finding it increasingly difficult to reap the benefits of cloud infrastructure without large IT departments to implement and maintain them, SingleHop has the technology and the commitment to customer success that makes a big difference for companies of any size.”
SingleHop serves more than 4,000 customers worldwide and has data centers across the United States and Europe.
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