How Much Did Meter Raise? Funding & Key Investors

Meter has successfully raised $35 million in a Series B funding round, with notable investors including Diane Greene and Sequoia Capital. The company offers a comprehensive internet infrastructure solution that integrates hardware, software, and operational support.

Keep reading to explore the intricacies of Meter's fundraising journey and the investors backing this innovative platform.

What Is Meter?

Founded in 2015, Meter is an internet infrastructure solution platform based in San Francisco, California. The company was established by Anil Varanasi and Sunil Varanasi.

Meter offers businesses a comprehensive suite of services, including intuitive software, operational support, and custom-designed hardware. Their vertically integrated approach ensures reliable and modern network functionality.

With a team of 51-100 employees, Meter continues to innovate in the IT infrastructure space, providing scalable solutions tailored to enterprise needs.

How Much Funding Has Meter Raised?

1. Seed Round
   • Amount Raised: $4M
   • Date: December 2015
   • Lead Investors: Not publicly disclosed
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To establish the company and develop initial product offerings.
2. Series A
   • Amount Raised: $8M
   • Date: June 2020
   • Lead Investors: Lachy Groom
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand product development and scale operations.
3. Series B (First Round)
   • Amount Raised: $38M
   • Date: May 2022
   • Lead Investors: Lachy Groom, Sequoia Capital
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support rapid growth and expand market presence.
4. Series B (Second Round)
   • Amount Raised: $35M
   • Date: February 2024
   • Lead Investors: Sam Altman, Lachy Groom
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To further propel growth, scale the team, and meet surging customer demand.

Total Amount Raised: $85M. Current Valuation: Not publicly disclosed.

Key Investors

• Lachy Groom
  • Details: Lachy Groom is a prominent angel investor and former executive at Stripe. He has been involved in numerous early-stage investments, particularly in the technology sector.
  • Investment Focus Areas: Fintech, SaaS, Internet Infrastructure
  • Notable Investments: Stripe, Figma, Notion
• Sam Altman
  • Details: Sam Altman is the CEO of OpenAI and former president of Y Combinator. He is known for his extensive contributions to the tech startup ecosystem.
  • Investment Focus Areas: Artificial Intelligence, Biotech, Fintech
  • Notable Investments: OpenAI, Reddit, Airbnb
• Sequoia Capital
  • Details: Sequoia Capital is a leading venture capital firm that has funded numerous successful tech companies. They focus on early and growth-stage investments.
  • Investment Focus Areas: Technology, Healthcare, Consumer
  • Notable Investments: Apple, Google, WhatsApp
• John Bicket and Sanjit Biswas
  • Details: John Bicket and Sanjit Biswas are the co-founders of Meraki, a company acquired by Cisco. They have a strong background in networking and IT infrastructure.
  • Investment Focus Areas: Networking, IT Infrastructure, Cloud Services
  • Notable Investments: Meraki (acquired by Cisco)
• Diane Greene
  • Details: Diane Greene is the co-founder of VMware and former CEO of Google Cloud. She has a significant impact on the cloud computing and enterprise software sectors.
  • Investment Focus Areas: Cloud Computing, Enterprise Software, IT Infrastructure
  • Notable Investments: VMware, Google Cloud

What's Next for Meter?

Meter's future is brimming with opportunities. With the recent $35 million funding, the company is poised to scale its team and meet surging customer demand. The tripling of Annual Recurring Revenue (ARR) and doubling of customer logos highlight the significant growth potential. As the reliance on internet connectivity increases across industries, Meter's Network as a Service (NaaS) solution is well-positioned to capture a larger market share.

Future fundraising opportunities seem promising, with the potential for additional rounds to support further growth and product development. However, challenges such as high competition and rapid technological advancements could pose hurdles. Managing operational complexities as the company scales will also be crucial for sustained success.

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