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LDC leads Series B follow-on investment in OnApp

16 Jan 2013

onapp_sq.jpgLDC, the captive private equity arm of state-backed lender Lloyds Banking Group, has led a Series B follow-on investment in cloud hosting software provider OnApp.

This latest round follows LDC’s initial investment in the business in April 2011, and brings the London-based company’s total funding to date to $20m (£12.5m).

OnApp currently powers public cloud services for more than 500 service providers in 39 countries, making it the most widely deployed cloud management platform globally.

The company’s products include OnApp CDN, a content delivery network designed to optimise website performance, has grown to more than 130 points of presence in 39 countries in the space of a year by federating the spare cloud capacity of existing OnApp customers.

This makes it the third-largest CDN globally by number of points of presence, larger than the Amazon Web Services and Microsoft Azure CDNs combined.

It is unique in allowing service providers to monetise their spare infrastructure through the OnApp Marketplace, it said.

The funding will be used to help OnApp roll out a new line of products and services in 2013, as well as expand into new global markets, the company said in a statement.

“In 2010, we set out to build a turnkey platform to make it easy for service providers to create profitable cloud services,” OnApp chief executive Ditlev Bredahl said in a statement.

“Our customers now run some of the fastest growing cloud services out there, with an average annual growth rate of over 80 per cent. 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.

“This round of funding gives us a solid financial base from which we will continue creating products that make OnApp-powered service providers the most successful in their markets.”

OnApp generates 40 per cent of its revenue from the US market, and is also seeing strong growth in Asia Pacific and Latin American markets.

Its customers include major international hosting brands such as PEER1, GMO and UK2, as well as fast-growing cloud service providers such as Dediserve and eApps.

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