LDC backs OnApp in series-B round

LDC first came into contact with OnApp in April 2011 via web hosting services provider UK2 Group, where OnApp was incubated at the time. LDC liked the concept of OnApp and helped making it an independent entity by financing the buyout of the business from UK2. LDC was involved in the series-A funding round as well.

The fresh capital will be used to help OnApp launch a new line of products and services in 2013, expand into new global markets, strengthen marketing and infrastructure and drive further development.

Despite not being a typical venture investor, LDC was attracted to OnApp due to its proven capability and because its products enabled a platform, according to the GP. LDC also stated that the quality of management played an important part in the completion of the deal.

OnApp currently provides public cloud services for more than 500 service providers across 39 countries. The software start-up generates 40% of its revenue in the US market, while also seeing growth in Asia Pacific and Latin American markets.

Company
Founded in July 2010, OnApp develops software solutions that enable hosting companies and telecoms service providers to virtualise their server assets, delivering them as a cloud-based solution and to manage customer data across a variety of billing platforms. Based in Brick Lane, east London, OnApp employs more than 115 staff.

Since the launch of OnApp's flagship product OnApp Cloud, the company has launched three more apps: OnApp CDN, a federated CDN platform for service providers; OnApp Storage, a low-cost, high performance distributed SAN for cloud environments; and OnApp Marketplace.

People
Investment director Kunal Dasgupta led the deal for LDC. Ditlev Bredahl is the CEO of OnApp.

Advisers
Equity – CMS Cameron McKenna (Legal).
Company – Torchpartners (Corporate finance); Macfarlanes (Legal).

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