Infrastructure as a Service company will use financing to continue expanding
MANCHESTER, N.H.--(BUSINESS WIRE)-- Dyn, the Infrastructure as a Service leader, announced today it has received a $38 million Series A minority investment led by North Bridge.
This is the first-ever outside funding received by the managed DNS and Email Delivery provider that incorporated in 2001. Since its origins at Worcester Polytechnic Institute, the company organically bootstrapped, securing a roster of enviable enterprise clients including Twitter, Zappos, CNBC and Pandora.
For North Bridge, the investment represents a chance to partner with one of the fastest growing technology companies in New England which has seen 70 percent compounding annual revenue growth in the past three years.
“We are doubling down in our commitment to being the world leader in Infrastructure as a Service and are delighted to partner with North Bridge, one of the leading technology and infrastructure investors in the country,” said Dyn CEO and co-founder Jeremy Hitchcock. “This investment better positions us to cement our leadership position within a rapidly growing multibillion dollar IaaS opportunity."
“We have seen Dyn grow into the worldwide leader in Infrastructure as a Service with many of our portfolio companies as customers and are proud to be part of their story,” added Ric Fulop and Russ Pyle of North Bridge. “We look forward to working with Jeremy, Tom and the Dyn team to help fuel their next decade of growth.”
As part of the investment, Dyn is establishing a formal board of directors that will include:
- Jeremy Hitchcock, Dyn CEO and co-founder
- Tom Daly, Dyn Chief Scientist and co-founder
- Jason Calacanis, founder and CEO of Mahalo, co-founder of ThisWeekIn, co-founder and former CEO of Weblogs, Inc. (acq. by AOL) and a respected angel investor
- Ric Fulop, General Partner at North Bridge and co-founder of A123 Systems
- Russ Pyle, General Partner at North Bridge
In addition to over 2,000 enterprise clients, Dyn also services 450,000 ecommerce clients and over four million active users worldwide. The Manchester, N.H. based company, which also has offices in San Francisco, Brighton, UK, and Wrexham, UK, has 170 employees.
Waltham, Massachusetts-based North Bridge is also an investor in Dyn clients Disqus, Quora, Demandware, Acquia, and Spil Games.
Dyn is committed to the New Hampshire technology ecosystem. To support that community, the company added a co-investment from Borealis Ventures and its recently announced Granite Fund, which is focused on building New Hampshire's next generation of great technology companies.
The growth equity investment culminates a busy past month for Dyn, which recently acquired both TZO, a longtime leader in Managed DNS services, and the talent of the SEO/SEM and ecommerce development arm of Incutio LTD. Recent client wins include MLB Advanced Media, Zipcar, Spotify, LG CNS and Zillow.
Dyn was represented by Nixon Peabody, LLP for this deal, while Goodwin Procter, LLP represented North Bridge.
Incorporated in 2001, Dyn is the worldwide Internet Infrastructure as a Service (IaaS) leader, powering Managed DNS and Email Delivery for more than four million enterprise, small business and personal users. With nearly 20 data centers around the world and industry-leading uptime for over 10 years, Dyn’s commitment to customer relationships and engineering excellence shines every day. Uptime is the Bottom Line.
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