This era of extensive urbanization compels today’s crowd and up-and-coming businesses to rely on the internet to get things done. We are in need of not just an opportunity but also an infrastructure for service providers that will scale quickly and reliably to meet the user’s demands.
DriveNets has recently bagged a 208 million dollar funding, a Series B that puts the company value at over $1 billion post-money.
Today, a startup founded smartly that has built a software-based way for them to expand their networks without having the need to buy any costly equipment is set to announce a major round of funding on the back of its booming business. DriveNets, as we might know already, is a renowned software company that builds networks like the clouds.
The plan is to use the funding to proceed to build the business internationally and to hedge it to more cases, including larger multimillion dollar companies that stream large chunks of media and have some control over their networks.
The named company raised $117 million about 2 years ago with companies like Bessemer Venture Partners, C4 Ventures, and Pitango Growth, with the additional participation of some private investors.
Future deals are still bound by non-disclosure agreements, Susan has clarified, additionally describing the opportunity as a quite focused one.
D1 has been a gracious and prolific investor in the previous year, grateful for businesses that are gaining a lot of attention, courtesy of pandemic conditions. These include e-commerce giants- Warby Parker and Instacart, fintech TransferWise, gaming engine Unity, online car sales platform Cazoo, and transportation startup Bolt.
DriveNets’ biggest round is based on the latest and bigger trends in the market, as well as setting its own strong record.
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