EdgeCast lands $10M is Series C 'growth' financing round
EdgeCast Networks has closed a $10 million Series C financing led by Menlo Ventures, the company said at NAB today, calling it a "bonefide growth round" of financing and saying it will use the funds to develop and launch new services, expand its global network to meet customer demand, and accelerate its sales and marketing programs.
Pravin Vazirani, managing director at Menlo Ventures, will join the EdgeCast board of directors. Steamboat Ventures, the venture arm of the Walt Disney Company (DIS) and leader of EdgeCast’s Series B financing, also participated in the new round. The latest round brings EdgeCast’s total funding to more than $20 million. The company became profitable in 4Q 2009, about two years after its public launch, and now serves more than 1,400 customers.
“Devices and content are coming online faster than ever, and this investment will help us scale up to meet the demand that has surpassed even our most optimistic expectations,” said Alex Kazerani, CEO of EdgeCast Networks. “Customers have discovered the dramatic impact our network can have on their site performance and on their bottom line. We’re proud that Menlo recognized the opportunities this rapid growth demonstrates.”
“EdgeCast was the first team we encountered who had architected a network for the web of today and tomorrow,” said Pravin Vazirani, managing director at Menlo Ventures. “That web is brimming with rich media, and its users demand a high-quality, instant-on experience – something legacy CDNs weren’t built to deliver. As both supply and demand for content continue to surge, EdgeCast is ideally positioned to capitalize on that growth.”