Investors Back Humyo Online Storage Business Expansion

Share Article Limited one of the largest independent online file storage and sharing businesses in Europe has raised US $1.15m of growth capital from investors. Limited ("humyo" or the "Company"), one of the largest independent online file storage and sharing businesses in Europe has raised US $1.15m of growth capital from investors in order to fund the further expansion of its customer base. Despite challenging market conditions, the humyo management team has been backed by new and existing investors, including high net worth individuals. The fundraising is expected to see humyo, believed to be the largest independent online storage operator in Europe, through to profitability.

To date humyo has attracted over 300,000 consumer and small business (SME) customers since its launch in July 2007. The Company has established itself as the largest independent cloud-based storage provider in Germany and will launch in France in February this year, with further European expansion planned for 2009.

The humyo service enables customers to store all their computer files in a secure online environment and to share files and collaborate on documents with other humyo users. The Company provides a free entry level proposition, with customers converting to paying subscriptions as they increase their storage use. humyo has built a resilient and flexible platform, including a simple-to-use mass market customer interface and the ability to store and share files from mobile devices. The Company has won several prestigious awards to date including 2008 WebUser Gold Award, Personal Computer World Editor's Choice & Best Online Storage Service.

humyo was created by Dan Conlon, a serial technology entrepreneur who, at the age of 22, sold his consumer hosting and domain name registration business, Donhost Limited ("Donhost"), to Pipex Communications plc for £5.9m in April 2005. Dan Conlon grew Donhost into one of the largest UK independent B2B hosting businesses, with 95,000 customers and 120,000 domains under management.

The proceeds from the fundraising will enable the Company to invest further in its technology platform and customer expansion strategy. humyo recently launched a competitive SME product which provides small business customers with a cost effective scalable cloud-based storage product and has attracted the attention of several major global corporations. The fundraising will also help humyo to promote itself in international markets, particularly the United States.

humyo was advised on its fundraising by Oakley Capital Corporate Finance, which specialises in mergers and acquisitions in the telecoms, media and technology sectors.


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Paul Westwood

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