Faction raises $6M in new funding this month

Tuesday December 15, 2015 0 comments Tags: Denver, Faction, Luke Norris, Meritage Funds, Sweetwater Capital, Ares Capital, David Solomon

 

DENVER -- Faction,  an enterprise-class, infrastructure-as-a-service cloud provider offering hybrid, private and public cloud solutions, today announced it has raised $6 million in December.Faction_logoUSE

The company’s most recent funding comes from current investment partners Meritage Funds and Sweetwater Capital as well as debt financing from Ares Capital Corp.

Faction said the $6 million in debt and equity capital will be used to help meet its explosive customer demand, with 46 percent year-over-year growth seen in 2015.

“This was an exciting year for Faction,” said Luke Norris, CEO. “To better convey our identity and our cause – cloud the way you want it – we changed our company name to Faction and expanded our cloud portfolio, all the while delivering the superior engineering expertise that drives value for our customers.

“This new round of funding will enable Faction to continue on its rapid growth trajectory, serve a wider customer base and introduce additional innovative products to the market.”

“As a service provider’s cloud, Faction supports a rapidly growing number of enterprises in need of Faction’s unique offering in the cloud marketplace,” said David Solomon, Meritage Funds managing director.

“Meritage Funds is thrilled with Faction’s continued success and we look forward to seeing what 2016 brings.”