Silver Peak announced yesterday that is receiving an extra $90mn in funding. This comes from new investor TCV, which is now the largest investor in the company. TCV in the past has backed investments in Airbnb, Netflix, Splunk and Spotify. Tim McAdam from TCV will also join as a Silver Peak board member to manage their investment.
“It’s rare that we see an opportunity to disrupt a massive, entrenched $100 billion technology category supporting mission critical applications and communication. After researching all the players in the multi-billion-dollar SD-WAN market and speaking with enterprise CIOs, it is clear that Silver Peak has the most complete solution, clear market differentiation and traction, and a unique vision for the future of the new WAN edge. We look forward to working with the team to rapidly grow the business.” – Tim McAdam, General Partner, TCV
“With more than $100 billion spent on the WAN every year by enterprises, much of it on technology that pre-dates the cloud, Silver Peak has an enormous opportunity as we deliver disruptive new WAN edge solutions for enterprises. TCV has a proven track record for identifying high-growth markets and investing in those innovative companies with the right solution and the right team in place to achieve market leadership. Our partnership with TCV will help accelerate our growth trajectory, increase our competitive advantages and extend our market leadership. We are excited to work with the TCV team.” – David Hughes, Founder and CEO, Silver Peak