Funding round
DriveNets Series C
DriveNets, which works in networking infrastructure design and manufacturing in Raanana, raised $262M in a Series C round announced on 17 Aug 2022, led by D2 Fund, at a $2.50B post-money valuation. 6 firms took part. It is DriveNets' third venture round on record; the one before was a Series B in Jan 2021.
$262M
Amount raised
$2.50B
Post-money valuation
6
Investors
1 lead
2.5x
Step-up from the Series B
$1.00B in Jan 2021
10%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced DriveNets at $2.50B after the new money, 2.5 times the $1.00B of its Series B (Jan 2021). The $262M bought investors about 10% of the company. It came 19 months after DriveNets' Series B. It is 26% of the $990M DriveNets has raised in the venture rounds on record. DriveNets raised again 46 months later: a Series D round of $410M in Jun 2026, at $8.50B 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 27 Jan 2021, led by D1 Capital Partners $208M$1.00B post-money
- Series C this round 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
D2 Fund led the round with 5 other firms.
Lead investor
- backs 9 venture-backed companies new investor
Also in the round
- Bessemer Venture Partners backs 412 venture-backed companies new investor
- backs 75 venture-backed companies new investor
- D1 Capital Partners new investor
- Atreides Management backs 53 venture-backed companies new investor
- Harel Insurance Investments & Financial Services new investor
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
394 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $60M, and this round was 4.4 times the median. The closest in time, other companies' Series C rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 10 Aug 2022 | $343M | not disclosed | not named |
| Tech Companies | 9 Aug 2022 | $100M | not disclosed | not named |
| Tech Companies | 10 Aug 2022 | $88M | not disclosed | ZF and Aptiv |
| Tech Companies | 10 Aug 2022 | $70M | not disclosed | Point72 Ventures |
| Tech Companies | 9 Aug 2022 | $50M | not disclosed | G Squared |
| Tech Companies | 19 Sep 2022 | $100M | $1.00B | BRV Capital Management |
| Tech Companies | 12 Jul 2022 | $100M | $900M | Kleiner Perkins |
| Tech Companies | 15 Sep 2022 | $90M | not disclosed | Goldman Sachs Asset Management |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did DriveNets raise in its Series C round?
DriveNets raised $262M in its Series C round, announced in Aug 2022.
Who led DriveNets' Series C round?
D2 Fund led it, with Bessemer Venture Partners, Pitango, D1 Capital Partners, Atreides Management and Harel Insurance Investments & Financial Services.
What was DriveNets' valuation at the Series C round?
$2.50B post-money.
How does it compare with other Series C rounds in Tech Companies?
394 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $60M, and this round was 4.4 times the median.
Did DriveNets raise again after this round?
Yes: a Series D round in Jun 2026 of $410M at $8.50B post-money.