Monday, April 22, 2013

FastSpring Gets Funding From Pylon

FastSpring, the fast growing Santa Barbara-based e-commerce payment services provider headed by Dan Engel, said today it has scored a funding round from Pylon Capital, a Los Angeles-based investment firm. Size of the funding round was not disclosed. The investment is the first, outside investment in the company since it was founded in 2005. According to the company, all four of its founders will remain with the company, with CEO Dan Engel transitioning to Senior Vice President of Marketing and member of the company's board. As part of the funding, Pylon's Managing Partners, Chris Lueck and Tom Tzakis will join the company's management team.

FastSpring said that last year, its company revenue surpassed $95M; the firm has been ranked very highly in the last few years on the Deloitte & Touch Technology Fast 500, ranking #13 in North America in 2011. The firm says its clients include Adobe, Toshiba, Random House, and Smith Micro, and it now has over 2,200 clients worldwide.

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