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Dyn grabs $38 million in funding

Kevin Murphy, October 3, 2012, 11:28:28 (UTC), Domain Services

Managed DNS service provider Dyn has secured a $38 million investment from venture capital firm North Bridge.

The minority investment is Dyn’s first. It’s been bootstrapped since its founding 11 years ago, according to founder and CEO Jeremy Hitchcock.

As part of the deal, noted tech investor Jason Calacanis has joined Dyn’s board, along with Hitchcock, company co-founder Tom Daly and two North Bridge partners, Ric Fulop and Russ Pyle.

“I am not building an exit strategy. I am creating an economic engine,” Hitchcock said in an open letter to customers.

“Plus, we had experienced 70 percent growth year over year. We were doing a pretty good job of growing by ourselves but we want to be a step ahead,” he said.

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