Company says capital injection will allow infrastructure upgrades, marketing boost.
Modwest Inc., a growing provider of shared and managed hosting services, today announced their first-ever round of external equity financing in the “mid five figure” range. The company, founded in January 2000, says the injection of capital will make possible a number of infrastructure upgrades as well as a boost in sales and marketing efforts.
“We’ve relied solely on internal financing and a considerable quantity of blood, sweat, and tears for over two years now”, says co-founder John Masterson. “Securing our first round of external financing is an important validation of our efforts, in addition to establishing Modwest as serious player in the extremely competitive web hosting sector.”
The unnamed private investor made the following statement: “As a longtime customer, I knew Modwest provided the most courteous, elegant Web hosting service I'd seen. So I inquired about investing, and, after evaluating the company's business model with my accountant, determined that Modwest was a sound investment. This is a company experiencing rapid growth, led by a team of pros who know how to handle it. I am proud to be part owner of Modwest. Their technical expertise, internal commitment to customer service, and fiscal responsibility, make them a company with tremendous potential.”
Modwest’s highly scalable infrastructure and proprietary automation technologies have allowed the company to grow quickly without incurring any significant additional infrastructure or staff expenses. Projections for web hosting as an industry are for continued strong growth, despite the current market downturn.
About Modwest
Modwest is a provider of shared and managed outsourced hosting services. Founded in early 2000 by Internet veterans focused on user interface design, server administration, web application development, and business management, Modwest specializes in open source platform hosting and development. For more information, visit the company’s website at www.modwest.com.
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Copyright 2002, Modwest Inc. All rights reserved.
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