Faction Secures $18M in Growth Funding from New Investors River Cities Capital Funds and Dell Technologies Capital
Faction, the Multi-Cloud Platform as a Service company, headquartered in Denver, CO, announced today that it closed an $18 million Series B financing to expand its multi-cloud products and services and accelerate growth via sales, marketing and international expansion. New investor River Cities Capital Funds led the round, which includes investment by Dell Technologies Capital and existing investors Sweetwater Capital, Meritage Funds and Charterhouse Strategic Partners.
This growth capital financing positions Faction to further enhance its industry leading position as a premier provider of multi-cloud storage by extending its cloud connected storage to the VMware Cloud on AWS platform. Additionally, Faction will be expanding its managed services internationally to support the global rollout of VMware Cloud on AWS.
With this funding, Faction will expand its global operations in 2018 and 2019, and plans to hire across all functional areas of the business with an emphasis on software development, engineering, and managed and professional services. Faction’s hiring plans for 2018 are building on the growth of Faction’s Denver based team last year, which included two key executives in President & COO and CFO roles.
“We are thrilled to partner with Faction and believe there is a tremendous opportunity to accelerate the company’s growth through product and international expansion. We’re impressed with the depth and breadth of the company’s solutions for enabling managed services partners and are particularly encouraged by their innovative offerings for cloud connected storage, including VMware Cloud on AWS,” said Rob Heimann, Managing Director at River Cities Capital Funds.
“Dell Technologies Capital is excited to be working with Faction to deliver customer configurable and adaptable multi-cloud solutions,” commented Daniel Docter, Managing Director at Dell Technologies Capital. “Our investment, domain expertise and industry relationships will help Faction continue to grow its IaaS and Enterprise Storage as a Service offerings as it expands to support VMware Cloud on AWS solutions.”
“This growth capital is validation that Faction is providing and developing groundbreaking technology in the cloud industry,” said Luke Norris, Founder and CEO at Faction. “We are ecstatic to partner with great investors who share our vision of a multi-cloud future and are uniquely positioned to help us realize that future today.”