RackWare Closes $3M Series A Funding Round
Kickstart Seed Fund, Osage Venture Partners Lead Round; Proceeds Will Fund Ramp-Up of Sales and Marketing
SANTA CLARA, Calif. – June 27, 2013 – RackWare, the company that brings intelligence and automation to the cloud by integrating datacenter and cloud resources into a scalable and intelligently managed computing environment, today announced that it has closed a $3 million Series A funding round led by Kickstart Seed Fund and Osage Venture Partners. Kickstart Seed Fund managing director Gavin Christensen will join RackWare’s board of directors, as will Osage Venture Partners managing partner Nate Lentz.
The proceeds of the funding will be used to ramp up RackWare’s sales and marketing organizations. According to Sash Sunkara, CEO of RackWare, “RackWare can deliver 40 to 50 percent cost savings to customers seeking to easily and cost-effectively enable the cloud while also managing a hybrid infrastructure of physical, virtual, private and public cloud resources. We’re in a unique position for a Series A company in that we already have customers in production and meaningful revenue. We’ll use this funding to grow our sales and marketing teams so we can attack the market with our recently released Generation 2 product.”
RackWare’s RMM 2.0 software dynamically integrates existing data centers and cloud applications into a seamless, intelligent, and automated cloud computing fabric that simplifies administration and reduces costs while maximizing flexibility and resilience.
“Cloud management software is a fundamental enabler of enterprise cloud computing, and RackWare has a simplified approach to cloud management that enables rapid and efficient cloud migration and automatically optimized operations,” said Gavin Christensen, managing director of Kickstart Seed Fund. “We are excited to be working with the most dynamic company in this market space.”
“RackWare’s cloud management software fits perfectly with our focus on enterprise software,” said Nate Lentz, managing partner at Osage Partners. “This is a new, massive market opportunity with only a few early players. With a world-class team, strong partners, and first-rate technology, RackWare is in an excellent position to claim a commanding share of the cloud management software market, ”
RackWare brings intelligence and automation to the cloud, providing greater availability for , greater flexibility for enterprise IT users, and reduced costs for enterprise IT providers. Computing resources—physical, virtual, and cloud machines—can be easily and automatically scaled up or down as demand fluctuates. On average, RackWare customers realize a cost savings of 40 to 50 percent, while getting the highest performance and availability out of their cloud. RackWare was founded in 2009 and is based in Santa Clara, California and Wayne, Pennsylvania.
About Kickstart Seed Fund
Kickstart Seed Fund is a seed stage venture capital firm based in Salt Lake City, UT. Kickstart Seed Fund’s mission is to kickstart companies in the Utah and the West by aligning technology creators, industry, entrepreneurs, and capital sources behind the funding and mentoring of seed investments. Since raising its first fund in 2008, Kickstart has invested in nearly 30 companies. For more information, visit www.kickstartfund.com.
About Osage Venture Partners:
Osage Venture Partners (OVP) is a venture capital firm located just outside of Philadelphia, Pa. that invests in early-stage enterprise technology companies in the Mid-Atlantic region. OVP raised its first fund in 2005, and has invested almost exclusively in enterprise software companies since that time. With over $100M under management, OVP seeks to invest in determined and creative entrepreneurs and provide them with the assistance required to build high growth businesses. For more information, visit http://www.osagepartners.com.