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PRNewswire: Rackspace.com Announces $11.5 Million Investment by Sequoia Capital, Norwest and Red Hat

Apr 03, 2000, 23:09 (0 Talkback[s])

"Rackspace.com... today announced the company has completed an $11.5 million round of private placement financing. The funds were raised from venture capital firms Sequoia Capital and Norwest Venture Partners, as well as Red Hat, Inc."

"The funds will be used for continued international expansion in Europe and Asia. A London data center has been announced and is currently under development and scheduled for opening in the second quarter of 2000. Funds will also be allocated to product and service development as the company seeks to expand its Advanced Internet Hosting offerings."

"Rackspace.com is a leading provider of Linux-based Advanced Internet Hosting services targeted to small- to medium-sized enterprises worldwide."

Press release.