PeakColo Secures Additional Funding to Support Explosive Demand for Cloud Computing Services Across the U.S. and Europe
Denver, Colorado – June 25, 2013 – PeakColo, a leading enterprise-class IaaS Cloud service provider for channel partners, announces today it has secured a debt facility of $3 million from Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community. As an Infrastructure-as-a-Service (IaaS) provider, PeakColo offers channel providers white-label VMware vCloud®-Powered cloud computing platforms in six geographies across the United States and in Europe including Seattle, Denver, Chicago, New Jersey, New York, and the United Kingdom. The funding will support the explosive demand it’s experiencing for cloud services throughout existing markets, and serves as further working capital for growth into new markets.
“Square 1 is working closely with us to help support our high growth, capital intensive business along with our innovative technology initiatives,” states Sharon Kincl, Vice President of Finance and Administration for PeakColo. “Because of Square 1’s extensive experience working with venture capital-backed technology companies, they understand our Infrastructure-as-a-Service business model. Square 1 will be an excellent resource for us as we build out robust environments that can scale quickly and provide storage and network resources for our channel-centric providers and their end-user clients.”
“We are impressed with PeakColo’s rapid growth and success in enacting a business model that is both profitable and repeatable across various locations,” comments Ken Fugate, Founder and Senior Vice President in Square 1 Bank’s Mountain Northwest Region. “We look forward to continuing our relationship and helping to drive PeakColo’s continued successes.”
In addition, PeakColo closed an additional $1.5 million in follow-on funding to the $7.5 million in growth equity capital that was secured in August 2012. This financing will be used to support PeakColo’s expansion of its cloud node capacities in existing locations. The follow-on funding was secured from Meritage Funds and Sweetwater Capital, for a total of $9 million in funding to date from these highly successful venture capital funds.
“PeakColo has experienced tremendous growth over the past few years, growing 100% year over year, with targets to continue the same aggressive growth rate in the years to come,” states Luke Norris, CEO and Founder of PeakColo. “Because of the high demand for enterprise class cloud services, we already have existing cloud nodes that require capacity expansions. PeakColo’s 100% channel centric model drives us to constantly expand and update our equipment, network, and IT architecture to keep up with the demand from our channel partners. We continue to see existing financial institutions make further investments in PeakColo, which illustrates a true confidence in our business model.”
PeakColo offers turnkey infrastructure services including hosted private and public clouds, and white label cloud services. For more information about PeakColo’s cloud services engineered specifically for the channel, please contact firstname.lastname@example.org or visit www.peakcolo.com for additional information.
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PeakColo is an enterprise-class Infrastructure-as-a-Service (IaaS) cloud service provider to channel partners. White-labeling PeakColo’s cloud services as their own, resellers and agents rapidly enter the cloud marketplace under their own brand without capital expenditure, enjoying a faster route to profitability. With Type II SSAE 16 and SOC 2 compliant data centers in six geographies across the United States and in Europe (Seattle, Denver, Chicago, New Jersey, New York, and the United Kingdom), PeakColo offers a cloud environment that contains tens of thousands of virtual machines and multiple petabytes of storage for public, private, hybrid and disaster recovery solutions. PeakColo is VMware vCloud® Powered and is a Platinum-level NetApp service provider. For more information, visit www.peakcolo.com; call (855) 532-4734; or follow us on Twitter or LinkedIn.
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1’s expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients’ needs. The bank offers tailored products and solutions aided by the latest in technological innovations. Square 1 has offices coast to coast in Austin, Boston, Denver, Durham, Los Angeles, New York, San Diego, Seattle, Silicon Valley and Washington, DC. For more information, visit www.square1bank.com.