Connectbase raises $16M in funding from Silicon Valley Bank
Connectbase, a cloud connectivity provider, has received $16 million in new funding from Silicon Valley Bank to fund future growth and market expansion.
The new funding follows what has been a busy year for Connectbase, including its first acquisition. After the company raised $22 million in Series C funding last year, Connectbase acquired London-based LastMileXchange, an access quoting platform provider, this May. By integrating LastMileXchange into its fold, Connectbase has become the largest global quoting API ecosystem securely connecting buyers and sellers across six continents with over 2.4 billion profiled locations in The Connected World platform.
“Building on a foundation of trust and our long-standing relationship, Silicon Valley Bank has supported Connectbase’s growth and success to date. They see our growth potential and we are eager to continue the expansion trend that has been our hallmark for seven years,” said Yossi Hazan, Connectbase CFO. “Connectbase is proud to be trusted with this level of credit during these times that may be financially challenging for others in the business world.”
Connectbase focuses on digitizing, automating and modernizing the digital infrastructure community, providing solutions for network service providers, managed service providers, data centers, mobile network operators, tower companies, master agencies, and real estate management companies and brokerage firms.
Besides raising more capital for expansion, Connectbase continues to attract more members to its Connected World platform, including Canadian-based Beanfield Technologies. Beanfield, the owner and operator of the largest independent fiber network in Toronto, Montreal and Vancouver, joined the Connectbase ecosystem to scale its wholesale business and improve automation as the company grows its network.
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Sean Buckley
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