Channel-based infrastructure-as-a-service (IaaS) provider PeakColo has secured a debt facility of $3 million from Square 1 Bank. The funding will serve as further working capital for growth into new markets.
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 offers channel providers white-label VMware vCloud-powered cloud computing platforms in Seattle, Denver, Chicago, New Jersey, New York and the United Kingdom. Turnkey infrastructure services include hosted private and public clouds, and white label cloud services.
“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,” said 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 percent 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.”
