SingleHop Snags $14.8M in Venture Financing
SingleHop is an innovative cloud solutions provider based in Chicago, IL. SingleHop has obtained over $42 million in capital which includes its recent acquisition of $14.8M in financing from Farnam Street Financial and Silicon Valley Bank. The booming cloud provider has been expanding quickly due to its aggressive and innovative sales strategy. SingleHop has datacenters in both the USA and in Europe.
SingleHop’s has taken a unique approach to cloud. SingleHop’s signature feature is called LEAP. On the splash page the LEAP, SingleHop notes that its LEAP interface gives its clients over 400 features that will automate the most advanced cloud activities. LEAP allows administrators to mitigate DDoS attacks, review network statistics, handle software licensing issues and much more. LEAP also comes with a developer API so that customized solutions can be deployed based on individual client needs.
SingleHop’s managed approach to IaaS has helped the company create its own niche within the cloud marketplace. The cloud provider boasts an impressive client list that includes over 4,000 names which includes small, medium and enterprise level clients. SingleHop has consistently expanded its product offerings, and this newly acquired capital is expected to help SingleHop grow at an even more exponential rate.
In response to the cash injection, CEO Zak Boca notes, “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.”
Dennis Grunt is the Director of Silicon Valley Bank. In a press release, he was quoted as saying, “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.”
