LDC leads another funding round into cloud services firm OnApp

Private equity firm LDC has strayed from its traditional buy-out activity by leading a Series B venture funding into OnApp.

Cloud service company OnApp has collected an undisclosed amount of investment capital so that it can fund a new line of products and services in the coming year.

The funding round comes nearly two years after LDC initially provided development capital to the London and New York-based business. OnApp has now received $20 million across the two rounds.

OnApp services are used to power public cloud services for 500 service providers in 39 countries. It now plans to use its Series B funds to expand into new global markets and build on a customer base which currently includes PEER1, GMO and UK2.

The company was founded in July 2010 and then spun-off from partner company UK2 Group in 2011 following UK2’s acquisition by LDC.

Ditlev Bredahl, CEO of OnApp, says the funding round gives the business a ‘solid financial base’ so that it can continue to create products.

LDC’s last development capital deal came back in December when it backed public relations consultancy Blue Rubicon through a transaction which valued the business at £30 million.

Alongside the support provided to insurance claims-related service business Keoghs, Blue Rubicon was the only development capital deal closed in 2012.

Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for GrowthBusiness.co.uk from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

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