Green Cloud Technologies, a Greenville-based channel-only cloud technology solutions provider, said it has closed on $7.5 million in new financing.
The package consists of a $5 million senior line of credit with Bridge Bank and $2.5 million of additional equity and sub debt provided primarily by its existing investor base.
The new capital will fund the company’s expansion of its national channel partner program and acquisition capital as Green Cloud searches for tuck-in cloud or data-center asset acquisitions, company officials said.
“Coming off a three-year growth rate through 2015 of 4,000 percent and anticipating 65 percent growth during 2016, the additional capital helps fund our organic growth and acquisition plans,” said Shay Houser, Green Cloud’s CEO.
“We are pleased to announce our relationship with Green Cloud and our support of their continued growth,” said Blake Reid, vice president and market manager at Bridge Bank. “We are excited about the momentum that the company’s market strategy has demonstrated, and we look forward to supporting Green Cloud’s future growth plans.”
Green Cloud provides custom cloud solutions to an exclusive network of reseller partners. By relying on channel-only distribution, Green Cloud focuses on partner enablement without competing for end-user business.
The company said its suite of Cisco-powered, cloud-based products, services and support is scalable to applications of any size.
Bridge Bank, a division of Western Alliance Bank, was founded in 2001 in Silicon Valley for small-market and middle-market businesses across many industries, as well as emerging technology companies and the private equity community.