CityReach International raises a further E40m

CityReach International [CRI] has raised E40m equity capital from existing investors led by Investcorp, Battery Ventures, M/C Venture Partners and JPMorgan Partners.

This financing follows earlier rounds which raised E218m of equity funding and E131m in debt capital, making the total raised to date E389m.

CityReach provides infrastructure and managed services for the business internet. It is already providing a number of value-added services to its customers including managed storage services, managed servers and internet access products. CRI's customers include Universal Access, Novaxess, InterNap, Cidera and BT Ignite.

The company will use the cash to provide additional services at CityReach’s network of 8 high-security data centres in London, Dublin, Amsterdam, Stockholm, Berlin, Munich, Budapest and soon Paris. It will also enable the final development of CRI’s product suites in managed security services, database and transaction management services and other additional services.

Dr Sanjaya Addanki, chief executive of CityReach, said: “We are delighted with the continued commitment by CityReach’s institutional shareholders, demonstrating their backing of our new service offerings. This additional round will enable us to become the preferred foundation for the Business Internet and to perform on our business plan, particularly with respect to our services offering.”

The company was founded in 1998 and is headquartered in the UK. It plans to open a Paris facility in June this year.