Singlehop may not be a household name when it comes to Infrastructure-as-a-Service players, but it targets an interesting niche and now has $14.8 million to expand services and make acquisitions.
This Series B round brings total funding to $42.5 million and was led by Silicon Valley Bank, with a contribution from Farnam Street Financial. The round raises eyebrows coming as it does after Rackspace, a bigger IaaS player, is evaluating its options in the face of cutthroat price competition from still bigger IaaS competitors Amazon, Google and Microsoft. Battery Ventures, which led the Series A round, does not appear to be involved this time, as Forbes pointed out.
The Chicago-based company says it differentiates itself by targeting small and medium businesses (SMBs) via channel partners as opposed to enterprises and web startups, although the definition of SMBs can be all over the map.
Still, the company fields an array of services, including fully managed services as well as self-service capabilities, and has more than 500 VARs (value-added resellers) or channel partners.
In a statement, Singlehop CEO Zac Boca said the company offers a breadth of services and the new financing gives the company capital to “grow our team and our services [and makes us] well positioned to make strategic investments.”
The company said it operates more than 14,000 servers serving more than 4,000 customers in 124 countries and runs 4 data centers in North America and Europe.