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.”
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.”