Codero Hosting Receives $8 Million in Financing from Silicon Valley Bank and Farnam Street Financial
January 28th, 2014
Codero Hosting announced that it received $8 million in financing from Silicon Valley Bank (SVB) and Farnam Street Financial. The capital financing enables Codero to deploy new data centers across the U.S. and Europe and expand its hosting portfolio to serve more customers and multiple data center locations.
“We have outpaced our industry’s growth, expanding faster than other hosting and cloud providers due to our commitment to providing customers with unparalleled performance, expertise, support and value,” said Emil Sayegh, president and CEO of Codero Hosting. “The support of SVB and Farnam Street Financial helps us accelerate our growth and capitalize on our market success.”
“Helping innovators like Codero succeed is what we aim to do every day,” said Travis Wood, managing director for Silicon Valley Bank in Austin. “With the flexibility provided by this financing, the Codero team is on a path to meet its ambitious global expansion goals.”
“Fast-growing companies like Codero need long-term relationships that deliver creative solutions,” said Dale Olsen, SVP of sales, Farnam Street Financial. “We feel that Farnam is uniquely positioned to help Codero maintain its high level of service while accelerating its revenue growth.”
In October, Codero announced the industry’s only true on-demand hybrid cloud hosting service. The new offering – which combines the company’s best-of-breed cloud, networking and dedicated hosting technologies – provides the flexibility and strength of public cloud with the robustness and security of traditional IT infrastructure. Codero’s On-Demand Hybrid Cloud™ has attracted new customers, as Codero is the only hosting and cloud provider to offer the service, and it’s been well received by businesses looking to optimize their application performance.
About Codero Hosting
Codero Hosting delivers world-class dedicated, managed, cloud and hybrid hosting solutions on-demand for businesses of all sizes on a global basis. Codero integrates innovative industry-leading IT hosting solutions that are fully automated with all customer service delivered by a seasoned and highly technical US-based team. This allows companies to confidently outsource their IT hosting needs while empowering them with complete control over their IT environment. Codero offers hosting from its Phoenix, Arizona and Ashburn, Virginia data centers. All Codero services and products are backed by SAS 70 Type II secure data centers, live U.S.-based 24/7/365 support and a seasoned staff. An industry innovator, Codero has the only customer loyalty Rewards Program of any of the major industry players, as well as attractive, and rewarding affiliate, channel, and reseller programs. Codero is majority-owned by NYC-based growth equity firm Catalyst Investors. For more information about Codero, please visit www.codero.com or connect with Codero on Twitter and Facebook.
About Silicon Valley Bank
Silicon Valley Bank (www.svb.com) is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and six international operations. Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
About Farnam Street Financial
Farnam Street Financial, Inc. (www.farnamstreet.net) is an independent, privately-held leasing company focused on building long-term relationships with entrepreneurs and executives across the entire size and growth spectrum from growing, earlier stage businesses to established, global enterprises with diverse equipment needs. Following the global reach of our portfolio of US based customers, we have leased equipment that is installed across the globe.