SevOne just raised a whopping $50 million Series C - Technical.ly Delaware

Business

Sep. 23, 2015 1:46 pm

SevOne just raised a whopping $50 million Series C

As the digital infrastructure monitoring company edges toward a $1 billion valuation, CEO Jack Sweeney shares a secret of the company's success.
A SevOne celebration.

A SevOne celebration.

(Photo by Flickr user Daniel Hellerman, used under a Creative Commons license)

Wilmington-based digital infrastructure monitoring company SevOne just reeled in $50 million in Series C funding from Boston-based venture capital firms, including Westfield Capital Management and Bain Capital Ventures. It’s one of the biggest raises in the Greater Philadelphia region in recent memory, though it’s smaller than the company’s last funding splash: In 2013, SevOne raised $150 million from Bain.

This round of new round of financing pushes the Delaware-grown company close to a $1 billion valuation — and the Series C investment round isn’t quite over yet. CEO Jack Sweeney said the company is still seeking new investors.

“There are 3.5 billion mobile broadband subscribers in the world. There are 1 billion fixed broadband subscriptions. Almost 5 billion Internet of Things — and they all connect to over a billion websites,” Sweeney said. “All of this is dependent on a very complex digital infrastructure to ensure that everything works, all the service and functions that are critical for a company to run.”

SevOne CEO Jack Sweeney.

SevOne CEO Jack Sweeney. (Courtesy photo)

As the digital economy continues to evolve and grow, SevOne aims to reciprocate.

Last month, Delaware investor and economic development leader Mike Bowman name-dropped SevOne an example of a Delaware startup that found success through “organic growth.” Sweeney said Delaware has a relatively untapped secret that allowed SevOne to grow organically — one that he’s been “phenomenally impressed” with.

“The engineering and technical skill sets of students coming out of the University of Delaware,” Sweeney said. Coincidentally, Sweeney said SevOne is still moving forth with its October move-in date for a shiny new 50,000-square-foot facility at UD’s STAR Campus.

“One of the reasons we’re doing that is to give our employees a great work environment, but also to give potential SevOne candidates an opportunity to introduce themselves through internship programs and post graduate work,” he said. “Having the resources to support your endeavor is important.”

Advertisement

Looking for work? Check the Technical.ly jobs board -30-
CONTRIBUTE TO THE
JOURNALISM FUND

Already a contributor? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

Village Capital cofounder Victoria Fram is the first guest on ‘Off the Sidelines,’ our new investor education podcast

This Week in Jobs: A mountain of jobs

Introducing ‘Off the Sidelines,’ a new podcast series about startup investing

SPONSORED

Delaware

Packed with growth opportunities, WSFS Bank moves into Philly

Philadelphia, PA

Vistar Media

Software Engineer

Apply Now

Philadelphia, PA - Center City

Odessa

Sr. Business Analyst, ERP Implementations

Apply Now

Philadelphia, PA

URBN

IT Recruiter

Apply Now

This Week in Jobs: Give yourself a round of applause

This Week in Jobs: It’s cold, but at least Tom Brady is still sad about LII

This Week in Jobs: Never too many carbs, never too many jobs

SPONSORED

Delaware

These hiring companies want to meet you at NET/WORK Suburbs

Philadelphia, PA

URBN

URBN Project Manager

Apply Now

Horsham

Penn Mutual Life Insurance Co

Product Systems Specialist

Apply Now

Philadelphia, PA - Center City

Odessa

Sr. Project Manager – ERP Implementations

Apply Now

Sign-up for daily news updates from Technical.ly Delaware

Do NOT follow this link or you will be banned from the site!