Posted by Amina Elahi | 5/9/2013 | Built in Denver Blog | Builtindenver.com |
This week, infrastructure-as-a-service company PeakColo raised $1.5 million in follow-on funding from Meritage Funds and Sweetwater Capital. Building on an existing investment from last fall, this round brings total funding from these investors to $9 million. According to founder and CEO Luke Norris, the funds will be used for growth into new markets.
PeakColo is an enterprise-level cloud provider, giving partners an easy way to use cloud-based solutions without building their own infrastructure. Norris says PeakColo’s channel partners benefit because they can resell cloud-enabled services, take advantage of PeakColo’s sales and marketing tools and scale at their own pace without spending capital.
For Norris, partnering with Meritage and Sweetwater was a natural fit.
“Both Meritage and Sweetwater invest exclusively in technology-based businesses that leverage recurring revenue business models. Meritage portfolio companies consist of Growth Equity opportunities generating positive EBITDA,” Norris says. “Based in Colorado with longtime relationships, [we] found Meritage to be a great match that has brought significant seasoned expertise to the Board of Directors.”
That Colorado connection is important, since Norris himself is a Denver resident. “Starting PeakColo, I found that my own state, Colorado, provided not only the quality of life and cost of living I required of a city, but it also offers a significant skilled labor resource pool necessary to be successful in technology,” he says.
Visit PeakColo’s website, check out their BID profile and follow them on Twitter at @PeakColo.