Manchester’s Dyn raises $38 million in venture funding
The Manchester, N.H., Internet infrastructure company Dynamic Network Services Inc., better known as Dyn, has raised $38 million in new funding, led by the Waltham venture capital firm North Bridge Venture Partners.
This is the first time Dyn has accepted venture capital; previously it was self-funded.
The company was started in 2001 by four former Worcester Polytechnic Institute students. Today Dyn, has 170 employees in Manchester and offices in San Francisco and the United Kingdom. It has more than 45,000 e-commerce customers, including Twitter and Zappos.
Dyn will use the funding to grow overseas and expand its staff that works with its global customers to manage such IT services as e-mail delivery. “The Internet doesn’t sleep, and if something breaks at 4 a.m. Eastern time, that needs to get fixed,” said Dyn chief executive officer Jeremy Hitchcock.
North Bridge also brings connections and clout, said Kyle York, chief revenue officer of Dyn. The company will use North Bridge’s network to expand its brand -- and recruit employees -- to New Hampshire--“historically know for cow-tipping, prep schools, and politics,” York said.
The New Hampshire firm Borealis Ventures also participated in the funding round. It contributed an undisclosed amount as part of the Granite Fund, a $30 million fund created to advance the state’s technology economy.Michael B. Farrell can be reached at firstname.lastname@example.org.