IKANO Garners $22.5M in Funding from Hercules

IKANO Communications Inc., a provider of private-label, wholesale and retail Internet services, has obtained $22.5 million in long-term debt financing from Hercules Technology Growth Capital Inc., IKANO reported Thursday. The company stated that, in addition to refinancing existing debt, the borrowed funds will be earmarked for growth and acquisitions. Hercules specializes in lending to venture capital- and private equity-backed technology companies. Headquartered in Salt Lake City, IKANO is a privately backed firm that is backed by Chicago Venture Partners, and Insight Venture Partners.