Green Cloud Technologies Lands $5.6M in New Funding

MSP TODAY NEWS

Green Cloud Technologies Lands $5.6M in New Funding

By Erin Harrison

On the heels of expanding into four new U.S. markets, Infrastructure-as-a-Service provider (IaaS) Green Cloud Technologies has closed $5.6 million in newly issued Series C equity.

The new funding round was led by Millry Corporation along with financial backing from an unnamed investor and existing shareholders. To date, the Greenville, S.C.-based company has received $9.6 million in total funding.

Officials said the new funds have been earmarked to accelerate market expansion, and will be put into sales and marketing and data center investments.??

“We are excited about our follow-on investment in this exploding segment of the Cloud ecosystem,” Annice Jordan, chief financial officer at Millry Corporation, Green Cloud’s largest investor, said in a statement. “We look forward to the growth of Green Cloud as its employees concentrate on providing a best-in-market service offering.”??

Green Cloud recently announced expansion plans into four new markets: South Florida, Greater Atlanta, the Gulf Coast and the Research Triangle region of North Carolina.

The company’s distribution model is focused on channel partner distribution and does not have a direct sales force. Green Cloud partners with local consultants, IT managed service providers and PBX distributors to help its partners leverage the benefits of cloud technologies without making the substantial investments necessary to deploy cloud services.

In addition to the new round of funding, Walter Alessandrini has joined Green Cloud’s board of directors. Alessandrini previously served as chairman and CEO at Avanex, which he led through a successful initial public offering, and chairman and CEO for Ometric (acquired by a Fortune 100).

The IaaS market is the fastest growing segment of cloud-based services. According to a Gartner market analysis report, between 2012-2016, cloud IaaS spending will exceed $72 billion, with a compound annual growth rate (CAGR) of 42 percent.

Cloud IaaS providers offer virtual machines and supporting resources, including networks, firewalls, Internet connection, electrical/facility and other infrastructure needs.

IaaS, including cloud compute, storage and print services, grew by 42.4 percent in 2012 to $6.1 billion, and is expected to grow 47.3 percent in 2013 to $9 billion.




Edited by Braden Becker

Executive Editor, Cloud Computing

SHARE THIS ARTICLE
Related Articles

MSPs Enable Enterprises to Accelerate Growth at Top Speed

By: Greg Tavarez    2/2/2023

MSP Expo Sponsor: MSPs are building their technical expertise to address customers' needs by merging with different sets of companies as the Managed S…

Read More

Pax8 Acquires Bam Boom Cloud, Deepening Microsoft Dynamics 365 Expertise

By: Reece Loftus    2/2/2023

Pax8 announced it has acquired Bam Boom Cloud, an award-winning Microsoft Dynamics 365 Business Central services organization.

Read More

Pax8 Expands Horizons Bringing in Rob Rae to Champion MSP Power Initiatives

By: Arti Loftus    2/1/2023

Pax8 today announced that Rob Rae, a highly regarded and influential innovator in the IT channel market, has joined the company as Corporate Vice Pres…

Read More

Codex IT Reaches Wasatch Front Through Intranet Consulting Acquisition

By: Greg Tavarez    2/1/2023

Codex IT is expanding its services along the Wasatch Front and the rest of Utah through its acquisition of Intranet Consulting.

Read More

GFI Software Named a Platinum Sponsor for MSP Expo 2023, Part of the #TECHSUPERSHOW

By: TMCnet News    1/31/2023

MSP Expo is the premier conference and networking summit for MSPs. This is where MSP business owners and technology specialists share strategies to gr…

Read More