For the first time in our 10-year history, Hive has accepted an investment from an outside source – Verdane. For all of us at Hive Streaming, it’s a very exciting time in our history. Sales growth is accelerating, we have proven our revenue model around our core product, and we have an exciting product roadmap. We continue to add to our Fortune 500 customer list, grow our average revenue per customer, and experience near 100% customer renewal rates. At the same time, we continue to build support and new engagements with our channel partners who will be critical to us in scaling our future growth.
Our plan is to leverage Verdane’s track record and broad network of contacts in enterprise video solutions to expand the business globally. Verdane is an ideal capital partner for Hive Streaming. Not only do they focus their investments in fast-growing technology companies in the Northern European markets, but they also have a proven ability to add value to companies specifically in our sector – they helped Octoshape, now owned by Akamai, grow to be a global player.
We are the first investment in the new Verdane Capital X fund and we look forward to finding synergies with other companies in the fund. Verdane’s has a 50 percent ownership stake in Hive Streaming. There is excellent chemistry between the teams, and Verdane representatives will be joining our board of directors. We plan to use the additional funding to accelerate our growth by investing further in our technology offering and go-to-market capabilities.
Thanks to our partners, customers and Hive staff for getting us to this point. We are all very excited about continuing to help enterprises solve the networking challenges that large files create.