MegazoneCloud, a Seoul, South Korea-based cloud managed service provider (MSP), raised USD122M in Series B funding round.
More than 20 unidsclosed investors participated in the round.
The company intends to use the funds to continue to expand operations and its business reach across the Asian cloud MSP market.
Led by Max Lee, CEO, MegazoneCloud is a cloud MSP which was established after being spun off from Megazone.
The company entered into South Korea’s cloud MSP business in 2012, and its revenue continued to grow from USD 0.4M in 2014 to USD 144M in 2018, with its operation expanding to the U.S., Japan, China, and other areas of Asia. Proving the potential of the market and company, they secured USD 42M in its Series A round in January 2019. With the investment, MegazoneCloud quickly enhanced its capabilities by hiring more talents and solidifying global partnerships with not only cloud service providers but also cloud and AI-based tech companies such as Graphcore, a UK-based AI chipmaker.
Since the closing of Series A, the company has acquired multiple businesses to widen service and solution offerings and established joint ventures with LG CNS, an IT service arm of LG Group, and ITOCHU Techno-Solutions Corporation in Japan to capture captive markets. As a result of the growth strategy, MegazoneCloud, along with its affiliates and subsidiaries, is expected to post revenue exceeding USD 500M in 2020.