VC fundraising for network management companies
Network management VC has rotated around the SD-WAN to SASE transition, the consumerisation of enterprise networking and the consolidation of the networking and security stacks. Capital concentrates in operators with credible enterprise contracting and the technical positioning to compete with the integrated security platforms.
Investors are networking and security-specialist seed and growth funds, enterprise-software generalists with built networking coverage, and corporate venture arms attached to the major networking and security platforms - Cisco Investments is active in adjacent networking software. Flow has direct relationships across the networking specialists, enterprise generalists and the networking and security CVCs that back the category.
Flow has experience running VC fundraising processes for network management companies across SD-WAN and SASE, network monitoring and performance management, network configuration and automation, wireless and Wi-Fi management, and DDI and network services. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"Network management" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
ARR
Net retention
Devices / sites under management
Hardware revenue
Hardware gross margin
Software gross margin
Enterprise customer count
Renewal rate
Module attach
CAC payback
Network management valuations in May 2026
Public network management comps trade at 2.5x EV/Revenue. Median revenue multiple across network management VC rounds was 16x in the last 12 months.
2.5x
Median EV/Revenue as of May 2026 for public network management companies
4.4x
IBM is the highest valued public network management company based on EV/Revenue (excluding outliers)
3.8x
Median EV/Revenue across network management M&A deals in the last 12 months
16x
Median EV/Revenue across network management VC rounds in the last 12 months
Key recent network management VC rounds
$100M Series B raised by Aalyria was the largest network management VC round completed in the last six months.
See all network management VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Feb-26 | Aalyria |  | Aalyria is a Chicago-based company developing network orchestration software and laser communication technologies for space and terrestrial networks, including its Spacetime platform and Tightbeam system. | Battery VenturesDYNE Ventures.+1 | $100M | $1.3B | Series B | |
Nov-25 | NetFoundry | | NetFoundry is a Raleigh-headquartered provider of zero trust software-defined overlay networks called AppNets. Its Ziti platform includes Ziti Fabric for routing, Ziti Edge for devices, and Ziti Console for management, supporting AWS, Azure, and Google Cloud. Founded in 2017, it enables SDK embedding for IoT and DevOps applications, eliminating VPNs and firewall ports. NetFoundry partners with Tata Communications and wins awards for secure edge computing. | Cisco InvestmentsSYN Ventures | $15M | - | Series A | |
Jan-26 | NetBird |  | Netbird is an open-source VPN platform built on WireGuard that creates secure, peer-to-peer mesh networks for organizations and individuals without manual port forwarding or firewall configurations. Headquartered in Tel Aviv, Israel, it automates device onboarding, encryption key management, and access controls via a self-hosted dashboard or cloud service. Launched in 2021, Netbird supports Linux, Windows, macOS, iOS, and Android clients, integrating with identity providers like Okta and Azure AD. The platform secures remote workforces and distributed teams by eliminating traditional VPN gateways and enabling zero-trust networking. | AntlerInReach Ventures+2 | $10M | - | Series A | |
Dec-25 | A | Aravolta | | Aravolta unifies data center infrastructure management, network monitoring, and asset tracking in a single platform for colocation and cloud operators, enabling real-time control and compliance. | Afore CapitalBanyan Ventures+8 | $5.1M | - | Seed |
Feb-26 | Bearing | | Bearing develops software platforms for physical security, integrating access control, video surveillance, and incident management. | AZ-VCHigh Alpha+2 | $4.5M | - | Seed | |
Mar-26 | SCATR | | SCATR is an Italian data security firm offering Zero Trust Transit for secure data transfer across networks. Based in Milan, the company provides encryption and camouflage techniques to protect sensitive information in transit without relying on VPNs. SCATR serves enterprises in finance and healthcare via scatr.it, enabling compliant data sharing in hybrid cloud environments. | - | $300K | - | Undisclosed stage | |
May-26 | Yige Cloud Technology |  | Yige Cloud Technology is a provider of zero-trust enterprise network security solutions through its SASE platform. The Beijing-based company delivers cloud-native services integrating networking and security functions like threat prevention, web filtering, sandboxing, DNS security, data loss prevention, and next-generation firewalls. Yige Cloud enables fine-grained access control and threat detection for enterprise applications across hybrid environments. | Future Startup FundMonolith Management | - | - | Series B |
VC investors active in network management
Cisco Investments is the most active VC investor across network management, having invested in 4 startups in the last three years.
See all network management VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Cisco Investments | | - | NetFoundryAviz NetworksCorelight+2 | 4 | Series A | |
Lightspeed Venture Partners | | Lightspeed Venture Partners is a Menlo Park-headquartered venture capital firm investing in seed through growth stages across enterprise software, consumer tech, and fintech sectors. The firm has funded companies like Snapchat, MuleSoft acquired by Salesforce for 6.5 billion dollars, and Rubrik. Lightspeed Venture Partners manages over 18 billion dollars across global funds, with offices in Silicon Valley, New York, Israel, and India. Its enterprise portfolio features ThoughtSpot and Thoughtworks. | Cato NetworksNexthop AIShapes+2 | 3 | Series A | |
Battery Ventures | | Battery Ventures is a Boston-headquartered global investment firm focusing on technology companies in application software, cloud infrastructure, consumer internet, mobile, and industrial automation. Founded in 1983 with offices in San Francisco, Tel Aviv, London, and Mumbai, it manages over $13 billion and has backed firms like MongoDB, Marketo, and Coupa. | AalyriaNexthop AIZeroTier+2 | 3 | Series A | |
Geodesic Capital | | Geodesic Capital is a Tokyo-based venture capital firm targeting mid- and late-stage investments in consumer technology companies expanding into Asia, particularly Japan. The firm connects portfolio entrepreneurs with senior executives, strategic partners, and government officials to facilitate market entry and growth in the region. Its investments focus on scalable tech platforms navigating regulatory and cultural landscapes in high-growth Asian markets. | AlkiraNileFly.io+2 | 3 | Series C | |
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | AravoltaInterfereBlank Bio+2 | 2 | Pre-seed | |
Two Bear Capital | | Two Bear Capital is a venture firm investing in early-stage biotech, bioinformatics, AI, and cybersecurity companies addressing health and security challenges. San Francisco-headquartered, it leads seed rounds up to $3 million for startups like genomic sequencing platforms. The fund partners with Y Combinator, focusing on therapeutics and data security innovations. | ConcealGraphiantRainfall Health+2 | 2 | Series B | |
Adams Street Partners | | Adams Street Partners is a Chicago-headquartered private markets investment firm managing direct investments in buyouts, venture capital, growth equity, infrastructure, and real assets. The employee-owned manager deploys capital globally through primary funds, secondaries, and co-investments, partnering with limited partners including endowments, foundations, and pension funds. With offices in London, Munich, Singapore, Tokyo, and Menlo Park, it focuses on lower middle-market opportunities across North America, Europe, and Asia. | Cato NetworksLegoraTurquoise Health+2 | 2 | Series G | |
Nauta Capital |  | Nauta Capital is a Barcelona- and London-headquartered pan-European venture capital firm investing in early-stage B2B software companies. Sector-agnostic with emphasis on SaaS platforms featuring network effects, vertical enterprise software, and deep-tech for large industries, it manages substantial assets and employs a dedicated team across its offices. The firm backs founders transforming sectors like fintech, HR tech, and logistics throughout Europe. | NetBirdTanganyNeurolabs+1 | 2 | Seed | |
Singtel Innov8 |  | Singtel Innov8 is the venture capital arm of Singapore Telecommunications investing in early-stage tech startups globally. Singapore-headquartered with offices in San Francisco and Tel Aviv, Innov8 deploys capital into areas like 5G networks, edge computing, cybersecurity, and digital health. The firm has backed companies such as Aspire, Ninja Van, and Karakuri to integrate innovations into Singtel's ecosystem. | Red AccessCato NetworksEclypsium+2 | 2 | Series A | |
InReach Ventures | | - | NetBirdDreamdataStreamkap+1 | 2 | Seed |
Founders and investors we've worked with
We've supported winning builders across network management and beyond.
Project Space
We advised Geneva-based Key Family Partners on a commercial diligence deep dive into a European satellite and terrestrial network provider, providing an expert opinion that informed their investment decision.
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Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
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Picus Security
We advised PE firm Turkven on its $24m Series B investment into Picus Security, an Istanbul-based breach and attack simulation (BAS) cybersecurity platform.
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sevDesk
We advised New York-based crossover investor Arena Holdings on its €50m growth investment into sevDesk, a leading German cloud-native accounting platform for SMEs and freelancers.
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