enlo Ventures leads investment in profitable, rapidly-growing content delivery network
SANTA MONICA, CA – April 12, 2010 — EdgeCast Networks, the world's fastest and most reliable content delivery network (CDN), today announced that the company has closed a $10 million Series C financing led by Menlo Ventures, one of Silicon Valley's most experienced venture capital firms. The company will use the funds to develop and launch new value-added services, expand its global network to meet surging customer demand, and accelerate the company's 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 [NYSE: 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."
As the world brings devices and content online every day, more traffic is pushed onto an overburdened, congested public internet. The result is a diminished end user experience rife with timed-out web pages, choppy web video, and unreliable web applications. Next-generation delivery networks such as EdgeCast bring files dramatically closer to the end user - no matter where they are in the world - bringing about dramatic improvements in performance and usability.
About Menlo Ventures
Menlo Ventures provides long-term capital and management support to early-stage and emerging-growth companies. Menlo is one of Silicon Valley's oldest venture capital partnerships, and has organized and managed ten venture funds since their inception in 1976. With over $4 billion under management since inception, and a team with over two hundred years of collective experience in technology, marketing, sales and general management, they have the resources to support the most ambitious of projects.
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