Network Computing is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

GlassHouse Gleans $7.1M

Storage consulting company GlassHouse Technologies Inc. has landed $7.1 million in third-round funding, bringing the total invested in the company to date to $15 million (see GlassHouse Clears $7.1M Round).

Kodiak Venture Partners, a new investor, led the round. All of the startups existing investors -- including Globespan Capital Partners, Grandbanks Capital, and Sigma Partners -- also participated in the round.

“This gives us the opportunity to grow organically much quicker, and to continue to invest in our intellectual property,” says Mark Shirman, GlassHouse's president and CEO. He adds that the cash injection will give the company the ability to more freely look for appropriate acquisition targets, both in the U.S. and Europe.

While the extra dough, which Shirman claims came in a significant up-round, will certainly come in handy, GlassHouse says it doesn’t actually need it. The company, according to Shirman, reached profitability in the third quarter this year -- a quarter ahead of schedule.

“We hadn’t even decided to go for more money, but then we started getting unsolicited term sheets in,” he says. “Then we got some more term sheets in.” [Ed. note: I wasn’t planning on getting another credit card, but those unsolicited offers kept dumping into my mailbox...]

  • 1