Site acceleration company Cotendo has closed a $12 million round of equity financing led by Tenaya Capital and its current investors the Sequoia and Benchmark funds. Cotendo will use the money in Series C financing to scale its domestic and international market expansion, as well as accelerate the development of innovative technology.
Founded in 2008, the Israeli start-up develops acceleration services for websites. Cotendo founder and CEO Ronni Zehavi said, "This investment round is another strong validation for our unique innovation and the business momentum we have experienced since launching our CDN and site acceleration suite. We look forward to using this new capital infusion to drive further rapid growth."
Cotendo's services enable websites to offer end users a faster surfing experience.
Cotendo also announced that Tom Banahan, managing director of Tenaya Capital, will join the Cotendo board of directors. He said, "We see Cotendo's technology as game-changing in this market, and we are excited to contribute to the company's advance to the next level with their site acceleration services. We are enormously impressed with Cotendo's vision and execution and with the results they have accomplished since the company was founded."
Published by Globes [online], Israel business news - www.globes-online.com - on May 4, 2010
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