SingleHop Secures $14.8 Million in New Financing to Expand Services, Facilitate Acquisitions
Financing Led by Silicon Valley Bank Keeps SingleHop on Track to Become the Leading Platform for Cloud Infrastructure for SMB Market
CHICAGO, Ill., May 20, 2014-- SingleHop, the leading IaaS and cloud-enabled, managed hosting company for SMBs, announced today that it has secured $14.8 million in venture debt financing from Silicon Valley Bank with participation by Farnam Street Financial, Inc. This is in addition to the company's 2012 Series A of $27.5 million, a round lead by Battery Ventures. With this new funding, SingleHop will have raised more than $42 million in total equity and debt capital, providing the company with the financial flexibility to continue its rapid growth, further build out its technology products and services, and make strategic investments.
"SingleHop continues to deliver on its goal to provide the most flexible, reliable platform for cloud computing. We are ideally suited for SMBs because we have the scope and breadth of services to design the optimal infrastructure for each client, and we support our customers with a commitment to service beyond support and the best SLAs in the market," said Zak Boca, CEO of SingleHop. "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 in the SMB space."
In the last year, SingleHop has solidified its position as one of the fastest growing IaaS and managed hosting providers. SingleHop caters to the needs of the SMB market by providing a wide breadth of hosting options and through easy deployments -- fully managed or self-service, customizable dashboards, and its award-winning client portal -- LEAP -- allowing complete access to their systems from any device. Other key highlights and accomplishments include:
•More than 14,000 physical servers in production serving more than 4,000 customers in over 124 countries
•4 data centers in North America and Europe
•500+ resellers and channel partners
•Inc. 500/5000 list 4 years running
•$42 million in overall outside funding from Battery Ventures, Silicon Valley Bank and Farnam Street Financial, Inc.
•Net Promoter Score (NPS) of 67
"We are committed to providing the right financing at the right stage to help our clients accelerate success," said Dennis Grunt, Director of Silicon Valley Bank in Chicago. "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."
"Fast growing companies like SingleHop need flexible, creative solutions that mirror their business model," said Patrick Judge, Regional Director. "We feel that Farnam's approach will support SingleHop's positioning and help them accelerate their revenue growth."
SingleHop is the platform of choice for cloud IaaS and managed hosting for SMBs, enterprises, and service providers worldwide. Only SingleHop partners with customers to design and support the optimal cloud infrastructure with an industry leading Service Level Agreement, a robust remote management toolkit, and proprietary automation platform LEAP. Based in Chicago, Illinois, SingleHop serves more than 4,000 customers in more than 124 countries with data centers across the U.S. and Europe. For more information, please visit www.singlehop.com.
About Silicon Valley Bank
Banking the world's most innovative companies and exclusive wineries, SVB offers diverse financial services, knowledge, global networks, and world class service to increase our clients' probability of success. With more than $29 billion in assets and more than 1,700 employees, we provide commercial, international, and private banking through our locations around the world. Forbes Magazine ranks us among America's Best Banks and Fortune named SVB one of the best places to work. (NASDAQ: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
About Farnam Street Capital
Farnam Street Financial, Inc. (http://www.farnamstreet.net) is an independent, privately-held leasing company focused on building long-term relationships with entrepreneurs and executives across the entire size and growth spectrum from growing, earlier stage businesses to established, global enterprises with diverse equipment needs. Following the global reach of our portfolio of US based customers, we have leased equipment that is installed across the globe.
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