Funding round
DriveNets Series A
DriveNets, which works in networking infrastructure design and manufacturing in Raanana, raised $110M in a Series A round announced on 14 Feb 2019, led by Bessemer Venture Partners and Pitango. 7 firms took part, 3 of them already investors. It is DriveNets' first venture round on record.
$110M
Amount raised
Not disclosed
Post-money valuation
7
Investors
2 leads
Valuation
What this round says about the price
DriveNets did not disclose a valuation in this round. It is DriveNets' first venture round on record, 4 years after it was founded in 2015. It is 11% of the $990M DriveNets has raised in the venture rounds on record. DriveNets raised again 23 months later: a Series B round of $208M in Jan 2021, at $1.00B post-money.
DriveNets' funding rounds
DriveNets has 4 venture rounds on record and 1 other deal. This one is highlighted.
- Series A this round 14 Feb 2019, led by Bessemer Venture Partners and Pitango $110M
- Series B 27 Jan 2021, led by D1 Capital Partners $208M$1.00B post-money
- Series C 17 Aug 2022, led by D2 Fund $262M$2.50B post-money
- Acquisition not a venture round 16 Jul 2025, led by AT&T Inc. $650M
- Series D 1 Jun 2026, led by Bessemer Venture Partners and Atreides Management $410M$8.50B post-money
Investors
Who put money in
Bessemer Venture Partners and Pitango led the round with 5 other firms. Microsoft, Seagate and Palo Alto Networks had backed DriveNets before.
Lead investors
- Bessemer Venture Partners backs 412 venture-backed companies new investor
- backs 75 venture-backed companies new investor
Also in the round
- Microsoft existing investor
- Seagate existing investor
- Palo Alto Networks existing investor
- Disruptive Technologies Venture Capital new investor
- backs 35 venture-backed companies new investor
Joined the board: Aaron Mankovski (Pitango Growth).
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
903 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $8.0M, and this round was 14 times the median. The closest in time, other companies' Series A rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 28 Feb 2019 | $50M | not disclosed | Pantera |
| Tech Companies | 12 Feb 2019 | $30M | not disclosed | Stripes |
| Tech Companies | 26 Feb 2019 | $25M | $81M | Forgepoint Capital |
| Aurora Solar Tech Companies | 4 Feb 2019 | $20M | not disclosed | Energize Capital |
| Tech Companies | 4 Feb 2019 | $20M | not disclosed | HSBC and Goldman Sachs |
| Tech Companies | 25 Feb 2019 | $16M | not disclosed | Energize Capital and Lux Capital |
| Athelas Tech Companies | 1 Feb 2019 | $15M | not disclosed | not named |
| Tech Companies | 19 Feb 2019 | $15M | not disclosed | Viola Ventures and M12 |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did DriveNets raise in its Series A round?
DriveNets raised $110M in its Series A round, announced in Feb 2019.
Who led DriveNets' Series A round?
Bessemer Venture Partners and Pitango led it, with Microsoft, Seagate, Palo Alto Networks, Disruptive Technologies Venture Capital and Mangrove Capital Partners.
What was DriveNets' valuation at the Series A round?
It was not disclosed.
How does it compare with other Series A rounds in Tech Companies?
903 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $8.0M, and this round was 14 times the median.
Did DriveNets raise again after this round?
Yes: a Series B round in Jan 2021 of $208M at $1.00B post-money.