Hybrid IT specialist Zynstra secures $8.4m Series B funding in deal led by Octopus
High-profile investors including Orange Group’s Richard Brennan also participated in round
Hybrid IT start-up Zynstra has raised $8.4m Series B funding in a deal led by Octopus Investments and several leading investors including Richard Brennan, former EVP of global marketing at Orange Group, and Tom Vari, former cable CIO at Rogers Communication Inc.
Launched in July 2013, Bath-based Zynstra specialises in advanced cloud IT services and has developed patent-pending technology which aims to give small and medium businesses on-premise, “hassle-free” enterprise level IT combined with the economics of the cloud.
Zynstra intends to use the investment, which takes its total funding to $12.5m, to support “continued growth and product innovation” and to fuel its expansion into new markets; specifically North America.
It also plans to capitalise upon the end of support for Windows 2003 in July 2015 when it envisages a “hybrid approach [will become] the new norm”.
Zynstra co-founder and CEO, Nick East, commented:
“Our first year since publically launching has seen strong growth in our customer base, and in the number of significant partnerships signed.
“Businesses are reconsidering the way they purchase technology – seeking a significantly lower administrative burden, greater flexibility and a predictable opex payment model.
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“We anticipate even faster growth over the next 12 months as a result.”
Frederic Lardieg, member of the ventures team at Octopus Investments, discussed the round:
“From the outset it was clear that the experienced team at Zynstra had a really exciting product. What we’ve seen proves that this really is the right time for this technology in the small and medium business market.”