Downtown LA-based DreamHost, a provider of web hosting and site management, announced Oct. 30 it completed an $18 million debt financing credit facility with J.P. Morgan Chase and Co.
“As a pioneer in the web hosting space with strong operational cash flow, sizable customer base, and growing international presence, DreamHost is a great client for J.P. Morgan’s technology portfolio,” said Raj Morey, executive director of J.P. Morgan’s Middle Market Banking Technology Practice. “We’re proud to have been selected by DreamHost for the next step in their journey.”
DreamHost aims to use this funding to expand operations, both domestic and international. The company reports since its incorporation in 1997 it has hosted over 1.5 million websites and aided over 400,000 clients in managing their web content including DreamHost’s specialty, sites built using WordPress software.
“This financing provides DreamHost with substantial economic opportunities and lower borrowing costs as we aggressively pursue growth by investing back into our people and into our customers’ success,” said Ho Yun, DreamHost controller. “We are thrilled to join forces with J.P. Morgan and leverage their expertise in both domestic and international operations.”
According to industry tracker Crunchbase, DreamHost has raised $48 million to date after this latest financing. DreamHost’s first round of debt financing in December 2013 netted the firm $30 million from Goldman Sachs Group Inc.
Tech reporter Samson Amore can be reached at firstname.lastname@example.org or (323) 556-8335. Follow him on Twitter @samsonamore.