Total amount raised
$112.2 Millions
Latest funding date
1/1/2023
Location
Forward Networks has successfully raised funds through multiple rounds, with the latest being a Series D round. The company is backed by eight investors, including A.Capital Ventures and Omega Venture Partners.
Keep reading to explore the intricacies of Forward Networks' fundraising journey and the investors supporting this innovative platform.
What Is Forward Networks?
Forward Networks, founded on July 1, 2013, is headquartered in Santa Clara, California. The company was established by Brandon Heller, David Erickson, Nikhil Handigol, and Peyman Kazemian.
Specializing in network digital twin technology, Forward Networks offers a platform that enhances network visibility, policy verification, and change modeling. Their flagship products include Forward Enterprise and Network Query Engine (NQE).
With a team of 101-250 employees, Forward Networks is dedicated to transforming networks to be more agile, reliable, and secure.
How Much Funding Has Forward Networks Raised?
- Series A
- Amount Raised: $11.1M
- Date: November 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and establish a market presence.
- Series B
- Amount Raised: $16M
- Date: August 2017
- Lead Investors: Threshold
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and enhance product features.
- Series C
- Amount Raised: $35M
- Date: October 2019
- Lead Investors: Goldman Sachs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the customer base and accelerate growth.
- Series D
- Amount Raised: $50M
- Date: January 2023
- Lead Investors: MSD Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow sales and enhance the product offering.
Total Amount Raised: $112.1M. Current Valuation: Not publicly disclosed.
Key Investors
- MSD Partners
- Details: MSD Partners is a private investment firm that manages capital for Michael Dell and his family. The firm focuses on maximizing long-term capital appreciation across various investment strategies.
- Investment Focus Areas: Private equity, real estate, credit.
- Notable Investments: Dell Technologies, UFC, WME-IMG.
- Goldman Sachs Asset Management
- Details: Goldman Sachs Asset Management is the investment management arm of Goldman Sachs, providing investment and advisory services globally. It manages a wide range of investment strategies across asset classes.
- Investment Focus Areas: Public and private equity, fixed income, alternative investments.
- Notable Investments: Uber, Spotify, WeWork.
- Threshold Ventures
- Details: Threshold Ventures is a venture capital firm that invests in early-stage technology companies. The firm has been a financial supporter of Forward Networks since its Series B funding in 2017.
- Investment Focus Areas: Enterprise software, consumer technology, healthcare.
- Notable Investments: Box, Doximity, Redfin.
- Section 32
- Details: Section 32 is a venture capital firm founded by Bill Maris, the former CEO of Google Ventures. The firm invests at the frontiers of technology and life sciences.
- Investment Focus Areas: Technology, healthcare, life sciences.
- Notable Investments: Verily, Ginkgo Bioworks, Grail.
- Andreessen Horowitz
- Details: Andreessen Horowitz is a venture capital firm that backs bold entrepreneurs building the future through technology. The firm invests in both early-stage startups and established growth companies.
- Investment Focus Areas: Consumer, enterprise, bio/healthcare, crypto, fintech.
- Notable Investments: Facebook, Twitter, Lyft.
What's Next for Forward Networks?
Forward Networks stands at the cusp of significant growth opportunities. With a quadrupled customer base and a 139% increase in annual recurring revenue, the company is well-positioned to capitalize on the growing need for network security and visibility. The expansion into new markets and the development of new features, such as remediation services, further enhance their potential.
Future fundraising appears promising, given the strong investor confidence and proven unit economics. The company may attract additional venture capital or even consider an IPO as it continues to scale. However, challenges such as intense competition and the need for continuous innovation remain. Ensuring platform scalability and maintaining high customer retention will be crucial as they navigate this growth phase.
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