OnApp has closed a Series B round of funding, bringing total funding to more than $20 million.
Cloud hosting software provider OnApp announced on Wednesday it has closed a Series B round of funding, bringing total funding to more than $20 million.
The company’s existing investor, UK private equity firm LDC, led the round. OnApp says it will use the funding to roll out a new line of products and services this year, as well as expand into new global markets.
The cloud management software currently powers public cloud services for more than 500 service providers across 39 countries, including hosting providers PEER1, GMO and UK2.
This latest found of funding will help the company to further accelerate the rapid growth of this ecosystem.
“In 2010, we set out to build a turnkey platform to make it easy for service providers to create profitable cloud services,” said OnApp CEO, Ditlev Bredahl. “Our customers now run some of the fastest growing cloud services out there, with an average annual growth rate of over 80 percent. We’ve also seen a new breed of Virtual Service Providers emerge, who are creating a wide range of cloud-based businesses on top of the OnApp Marketplace.”
Since the launch of OnApp’s flagship product, OnApp Cloud, OnApp has also launched OnApp CDN, the OnApp Marketplace and OnApp Storage. At HostingCon 2012 last July, OnApp launched version 3.0 of its OnApp Cloud.
The company launched its content delivery network OnApp CDN in January 2012. Since then, OnApp CDN has grown to more than 130 points of presence in 39 countries by federating the spare cloud capacity of existing OnApp customers, making it the third largest CDN globally by number of PoPs.
OnApp allows service providers to monetize their spare infrastructure through the OnApp Marketplace.
Headquartered in London, OnApp generates 40 percent of its revenue from the US market, and is also seeing strong growth in Asia Pacific and Latin American markets.
Talk back: Do you think this latest round of funding will help OnApp expand its business? Are you currently using OnApp software? If not, are you partnering with another cloud software developer? Let us know in a comment.
About Justin Lee
Justin Lee has been a staff analyst with theWHIR since 2004. He writes about a range of web hosting and IT-related issues facing the industry on the WHIR website, as well the print version of the WHIR magazine. Follow him on Twitter @Justin_theWHIR.
{ 1 comment… read it below or add one }
Getting funding is the most important thing to stay ahead of the competition. OnApp has managed to got an excellent funding for its business. Such funding’s helps companies to expand and launch new services.