C7 SECURES $25 MILLION DEBT TO EXPAND DATA CENTER FOOTPRINT
C7 data center, a collocation data center provider has raised $25 million from the MCG operation and equity fund investment. It has also entered in to a debt agreement with its former investment partner Signal Peak Ventures. An official press release statement from the company confirmed the news. The company also mentioned that the funds raised will be used for its new data center expansion plans.
C7 operates four data centers in the Salt Lake city. Its primary client is Twitter. It also provides collocation facilities to clients like Answers.com, Motorola, and West Host.
“We’ve been extremely pleased with C7’s exponential growth and a ability to attract clients across industries,” said Brandon Tidwell, Managing Director of Signal Peak Ventures, which focuses its investments in technology and life sciences. “C7 has maintained customer satisfaction and retention levels that are remarkably high. Because of this, C7 has an immediate and massive opportunity to convincingly sell to new customers and provide additional data center services to existing customers.”
“We are excited to have led the debt portion of C7’s new capital funding which has been tailored to allow C7 to continue to keep pace with the robust demand for their data centers and services,” said Bob Marcotte, Executive Vice President and Managing Director of MCG Capital. “The IT experience and unwavering service commitment of the C7 team have established the company as a leader in their ability to deliver on the critical data center production demands of even the most discriminating enterprise customers.”
C7 currently operates about 70,000 square feet of space, but says it is “researching additional acquisition and expansion opportunities.” It hasn’t indicated whether it will continue its focus on growth in Utah or expand into other markets.
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