We are pleased to announce that Princeville Capital recently led an investment in Versa Networks’ Series D financing round.
Versa Networks (“Versa”) is a leading software-defined networking vendor, providing an enterprise class software-as-a-service (“SaaS”) solution that both simplifies and secures the enterprise data network, particularly the branch and wide area network (“WAN”). Versa combines full-featured SD-WAN, comprehensive integrated security, scalable advanced routing, genuine multi-tenancy, and sophisticated analytics to meet the requirements for small to extremely large Enterprises and Service Providers. The company has transacted hundreds of thousands of software licenses globally through its Service Providers, partners, and Enterprises. In 2019, Versa announced incredible momentum including 200,000+ software licenses sold, 1,000+ new customers globally, 100+ Service Provider partners, and the introduction of the small to mid-tier Versa Titan cloud service.
COVID-19 has further highlighted the need for enterprises and SMBs to have a networking infrastructure that is cost-effective, secure and easy to manage, provided that it also allows the workforce to work remotely. The Company’s solutions will be crucial for enterprises to adapt to the new world post-COVID-19 where business continuity, performance and security are even bigger priorities. We believe that many enterprises will be re-evaluating their IT capabilities during this time and post-COVID-19, positioning Versa in a unique way to capture additional share of the market.
The funding will be used to ramp investment in marketing to drive brand awareness, product leadership and demand generation, increase sales capacity and coverage and accelerate technology portfolio expansion. Princeville Global led the round and joins a highly regarded group of existing investors including Sequoia Capital, Mayfield, Artis Ventures, Verizon Ventures, Comcast Ventures, Liberty Global Ventures and others.
Following this round, Princeville Capital will be joining Versa’s Board of Directors.