Dyn gets $38M infusion of venture capital, creates first board of directors
October 03. 2012 1:08AM
MANCHESTER - Dyn, which offers managed DNS and email delivery services, is getting an infusion of venture capital and creating its first formal 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.