VeloCloud has announced it has raised $35m (£28.56m) in a Series D funding round, led by Hermes Growth Partners. New investors Telstra Ventures and Khazanah Nasional Berhad, the Malaysian Government's strategic investment fund, wanted to back the company's future growth plans.
VeloCloud has already received significant funds from its existing investors including New Enterprise Associates (NEA), Venrock, March Capital Partners, Cisco Investments and other undisclosed strategic investors, but this cash injection will help it expand its business, capacity and operations as part of its SD-WAN growth drive.
”We have been following the exploding SD-WAN space very closely and recognise its potential to transform enterprise WAN,” Bobby Yerramilli-Rao, founder and partner at Hermes Growth Partners, said. “We decided to invest in VeloCloud because of the company’s highly differentiated solution, superb track record with customers and exceptional management team.”
The cash will be used to develop new products in the SD-WAN sector, plus boost sales and marketing campaigns to reach a bigger audience. It will also help VeloCloud boost its resources and infrastructure to aid the rollout of bigger projects, faster, the company said.
“We are experiencing significantly more growth than we even predicted as a stretch goal for VeloCloud Cloud-Delivered SD-WAN,” added VeloCloud CEO and Co-founder Sanjay Uppal.
“VeloCloud has broken away from the field with the industry’s largest number of customers, sites, and sales along with key strategic Service Provider partnerships. With this new round of funding we are able to stay well ahead of this new level of demand we are experiencing.”
