Dedicated server and cloud hosting provider SingleHop has rased $27.5 million in financing from Battery Ventures, marking the Chicago company's first institutional financing. Battery’s Dave Tabors and Morad Elhafed will joining co-founders Dan Ushman and Zak Boca on the SingleHop Board of Directors.
SingleHop is a dedicated and cloud hosting provider that offers on-demand Infrastructure as a Service cloud offerings to end-users and resellers. The company has clients in 114 countries, over 80 employees, and two data centers in Chicago and one in Phoenix that house more than 10,000 servers.
"SingleHop is well positioned given the rise in cloud computing and demand for outsourced IT services," said Dave Tabors, General Partner of Battery Ventures. "With its automated technology platform, the company has carved out a unique position in the market. Customers are happy and sticking around, and that’s a direct result of the company’s business model, coupled with superior technology and a smart leadership team. We’re really looking forward to helping this company scale."
SingleHop has developed a proprietary management platform, dubbed LEAP, which enables its clients to design, deploy and manage all their Internet infrastructure from a unified platform.
"We’re excited about this next step as we work with an experienced investor to continue to grow the business," said Zak Boca, CEO of SingleHop. “Our business is unique in the hosting industry because all of our services are provided through our proprietary and fully automated platform. This gives us great operational advantages, and with the growing demand for hybrid solutions, it also positions us very well to offer a unified experience to our clients."
Cheval Capital, Inc. advised SingleHop on the transaction and American Chartered Bank also participated in the round.