Dyn gets $38M infusion of venture capital, creates first board of directors
The company, with international headquarters on Dow Street, announced on Tuesday a $38 million investment by North Bridge Venture Partners of Waltham.
The funding represents the first outside investment in Dyn since the company was founded by a group of graduates from Worcester Polytechnic Institute in 2001.
'We are doubling down on our commitment to being a world leader in infrastructure as a service and are delighted to partner with one of the leading technology and infrastructure investors in the country,' said Dyn CEO and co-founder Jeremy Hitchcock.
For North Bridge, the investment represents a chance to partner with one of the fastest growing technology companies in New England, with 70 percent annual revenue growth in the past three years, according to a Dyn statement on the new partnership.
In the past three years, the company has invested a little under $10 million, all of it self-funded, to expand its holdings and acquire new talent to drive its primary business in domain name services (DNS) and email delivery for e-commerce, small business and personal users. The most recent purchase was announced on Sept. 20, when Dyn acquired TZO, a Pepperell, Mass.-based DNS provider, in a $4 million transaction.
As part of the North Bridge investment, Dyn is establishing its first board of directors, which will include Hitchcock; Tom Daly, Dyn chief scientist and co-founder; Jason Calacanis, founder and CEO of several Internet companies and a well-known technology investor; and North Bridge general partners Ric Fulop and Russ Pyle.
North Bridge is already an investor in several of Dyn's clients, including Disqus, Demandware, Quora, Acquia and Spil Games.