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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 make strategic investments—not to fund a new equity round.
What SingleHop raised the money for
SingleHop CEO Zak Boca said the financing would support hiring, service growth and strategic investment as the company sought to strengthen its position serving small and midsize businesses. The 2014 report said proceeds were intended for new services and potential technology or talent acquisitions.
“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 at the time.
Who funded SingleHop’s venture debt
Silicon Valley Bank provided the financing, and Farnam Street Financial participated, according to Data Center Knowledge’s May 20, 2014 report. The $14.8 million was venture debt, distinct from the equity financing the company had previously raised.
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The same report put SingleHop’s cumulative equity and debt capital at $42 million. That total included a $27.5 million Series A in 2012 led by Battery Ventures.
Why SingleHop targeted the SMB cloud market
In 2014, SingleHop described itself as an Infrastructure-as-a-Service and cloud-enabled managed-hosting provider for small and midsize businesses. It offered both fully managed and self-service options, customizable dashboards, and its proprietary LEAP automation platform. Its stated opportunity was to serve SMB customers whose data-center needs were becoming more complex as they grew more technologically sophisticated.
Silicon Valley Bank director Dennis Grunt said that many companies struggled to benefit from cloud infrastructure without large IT departments to implement and maintain it. He argued that SingleHop’s technology and customer-service commitment could help companies of any size. That was his attributed view in 2014, not an independent assessment of the company’s present-day services.
SingleHop’s reported scale in 2014
Data Center Knowledge reported that SingleHop had more than 14,000 production servers, more than 4,000 customers worldwide and over 500 resellers and channel partners. It listed four data centers: two in Chicago, one in Phoenix and one in Amsterdam. These are historical figures reported in 2014, not current operating counts.
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The company also planned to broaden its channel program. Boca said its reseller base was expanding to include more systems integrators and value-added resellers, alongside plans to introduce additional services.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happened to SingleHop later
In January 2018, Internap announced an agreement to acquire SingleHop for $132 million in cash. Internap described the deal as combining SingleHop’s automated technology with INAP’s services and geographic reach. INAP announced that the acquisition was complete on February 28, 2018. The announcements establish the acquisition and its stated rationale; they do not establish which SingleHop services or branding are available today.
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