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SingleHop raised $14.8 million in venture debt in May 2014, with Silicon Valley Bank providing the financing and Farnam Street Financial participating. The company said it would use the capital to expand its team and services and pursue strategic investments—not as a new equity round. Data Center Knowledge reported the deal on May 20, 2014.
What did SingleHop raise $14.8 million for?
SingleHop described the financing as growth capital for its managed-hosting and Infrastructure-as-a-Service business. CEO Zak Boca said it would help the company grow its team and services and make strategic investments. The 2014 report said planned uses included developing new services and possible acquisitions of technology or talent.
Boca also pointed to expanding the company’s channel program. SingleHop’s reseller base, he said, was growing to include more systems integrators and value-added resellers.
“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 in the SMB space,” Boca said in the May 2014 report.
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Who funded the venture debt?
Silicon Valley Bank provided the financing, and Farnam Street Financial participated, according to the May 2014 report. The $14.8 million was venture debt, not a new stock-funding round. The article said the financing brought SingleHop’s cumulative equity and debt capital to $42 million; that total followed its $27.5 million Series A in 2012, led by Battery Ventures.
What was SingleHop’s SMB cloud strategy?
In 2014, SingleHop presented itself as an Infrastructure-as-a-Service and cloud-enabled managed-hosting provider for small and midsize businesses. It offered fully managed and self-service options, customizable dashboards, and its proprietary LEAP automation platform. The company’s stated opportunity was to serve SMBs with increasingly sophisticated technology requirements and more complex data-center needs.
Silicon Valley Bank director Dennis Grunt described the pitch as helping businesses access cloud infrastructure without needing large IT departments to implement and maintain it. His statement, like Boca’s, reflects the parties’ descriptions at the time rather than an independent assessment of present-day services.
What scale had SingleHop reported in 2014?
Data Center Knowledge reported that SingleHop had more than 14,000 production servers, more than 4,000 customers globally, four data centers, and more than 500 resellers and channel partners. The reported data-center locations were two in Chicago, one in Phoenix, and one in Amsterdam. These are figures reported in 2014, not current operating counts.
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What happened to SingleHop after the funding?
Internap announced in January 2018 that it had agreed to acquire SingleHop for $132 million in cash. It described the strategic rationale as combining SingleHop’s automated technology with INAP’s services and geographic reach. INAP announced that the acquisition was completed on February 28, 2018. Those announcements establish the acquisition and its stated rationale; they do not by themselves establish current service availability or branding.
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