Cloud solutions provider PeakColo announced on Tuesday that it was successful in closing a $3 million loan from Square 1 Bank. Square 1 is an investment banking partner to businesses, entrepreneurs, and the venture capital community.
PeakColo offers enterprise-class Infrastructure as a Service or IaaS services to channel partners. The company offers white label WMWare vCloud powered cloud systems platforms across the globe in six locations. They have bases in Chicago, New York , United Kingdom, Seattle, Denver, and New Jersey.
The loaned fund will support PeakColo's campaign to manage the unexpectedly soaring demand for cloud services in both existing and new markets.
"Square 1 is working closely with us to help support our high growth, capital intensive business along with our innovative technology initiatives," said PeakColo's Vice President of Finance and Administration Sharon Kincl.
"Because of Square 1′s extensive experience working with venture capital-backed technology companies, they understand our Infrastructure-as-a-Service business model. Square 1 will be an excellent resource for us as we build out robust environments that can scale quickly and provide storage and network resources for our channel-centric providers and their end-user clients," she explained further.
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