EdgeCast Networks has secured $54 million in new financing.
Led by Performance Equity Management (PEM), with follow-on participation from the company’s existing investors Menlo Ventures and Steamboat Ventures, this Series D growth investment will help EdgeCast develop and launch new web acceleration, routing and security services, further strengthen its rich intellectual property portfolio, expand its global network, and bolster its international sales and marketing efforts. The equity portion of the financing was augmented with a debt facility from Silicon Valley Bank.
The company is now in its fourth consecutive year of profitability, and continues to grow rapidly in a market that, according to AccuStream Research, will grow to $6 billion annually by 2016.
“Millions of people use EdgeCast every day – when they use Twitter, Pinterest, Tumblr, Hulu, or any other of the thousands of sites we accelerate worldwide. We deliver more than 4 trillion digital items a month to almost every Internet user in the world,” said Alex Kazerani, EdgeCast Chairman and CEO. “We are proud that our investment partners recognise our incredible performance and share our enthusiasm about our continued growth.”