Cloudnexa Raised $4M Last Month

Source: Technically Philly

Cloudnexa helps businesses migrate to, yep, you guessed it, the cloud. The Navy Yard-based startup is seeing rapid growth and is taking on investment to scale up.

Cloudnexa2Navy Yard-based cloud management startup Cloudnexa rang in the New Year by completing a $4 million investment round funded by existing investors, according to an SEC filing.

The round was led by Milestone Venture Partners, but Ben Franklin Technology Partners and Gabriel Investments also participated, said Cloudnexa CEO Joel Davne.

Davne says the funds will be used to grow the team, expand sales and marketing and invest in new markets. “We currently have 16 employees and with the new funding we expect to add an additional 6-10 FTEs in 2015,” Davne wrote via email.

As for the company’s goals in 2015, Davne says Cloudnexa will continue to develop its vNOC Cloud Management Platform and services to make things a little easier for prospects choosing Cloudnexa over other cloud management service providers.

“Improving upon our 2014 customer growth of 775% will be a big challenge,” says Davne, “but we feel cloud adoption remains strong in our target markets.”

The Cloudnexa CEO also mentioned his intentions of honing in on sales and marketing in Philadelphia this year as his company focuses its efforts on topping last year’s annual recurring revenue growth rate of 479 percent.