Funding round
DriveNets Series B
DriveNets, which works in networking infrastructure design and manufacturing in Raanana, raised $208M in a Series B round announced on 27 Jan 2021, led by D1 Capital Partners, at a $1.00B post-money valuation. 4 firms took part, 2 of them already investors. It is DriveNets' second venture round on record; the one before was a Series A in Feb 2019.
$208M
Amount raised
$1.00B
Post-money valuation
4
Investors
1 lead
21%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced DriveNets at $1.00B after the new money. The $208M bought investors about 21% of the company. It came 23 months after DriveNets' Series A. It is 21% of the $990M DriveNets has raised in the venture rounds on record. DriveNets raised again 19 months later: a Series C round of $262M in Aug 2022, at $2.50B post-money.
DriveNets' funding rounds
DriveNets has 4 venture rounds on record and 1 other deal. This one is highlighted.
- Series A 14 Feb 2019, led by Bessemer Venture Partners and Pitango $110M
- Series B this round 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
D1 Capital Partners led the round with 3 other firms. Bessemer Venture Partners and Pitango had backed DriveNets before.
Lead investor
- D1 Capital Partners new investor
Also in the round
- Bessemer Venture Partners backs 412 venture-backed companies existing investor
- backs 75 venture-backed companies existing investor
- Atreides Management backs 53 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
834 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $30M, and this round was 6.9 times the median. The closest in time, other companies' Series B rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 26 Jan 2021 | $350M | $3.00B | OpenView and Iconiq Capital |
| Tech Companies | 7 Jan 2021 | $200M | $1.00B | Insight Partners |
| Tech Companies | 12 Jan 2021 | $125M | not disclosed | TPG |
| Tech Companies | 28 Jan 2021 | $44M | not disclosed | not named |
| Tech Companies | 5 Jan 2021 | $43M | not disclosed | Greylock Partners and Lux Capital |
| Tech Companies | 1 Jan 2021 | $43M | not disclosed | not named |
| Tech Companies | 14 Jan 2021 | $40M | not disclosed | Morgan Stanley |
| Tech Companies | 1 Jan 2021 | $40M | not disclosed | Eldridge |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did DriveNets raise in its Series B round?
DriveNets raised $208M in its Series B round, announced in Jan 2021.
Who led DriveNets' Series B round?
D1 Capital Partners led it, with Bessemer Venture Partners, Pitango and Atreides Management.
What was DriveNets' valuation at the Series B round?
$1.00B post-money.
How does it compare with other Series B rounds in Tech Companies?
834 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $30M, and this round was 6.9 times the median.
Did DriveNets raise again after this round?
Yes: a Series C round in Aug 2022 of $262M at $2.50B post-money.