Boston, MA, April 14, 2023 – Burns & Levinson represented client Flybridge Capital as the lead investor in the $20 million Series A funding of NetBox Labs, which helps companies build and manage complex networks. Flybridge led the investment, which was announced on April 11, with participation from GGV Capital, Grafana Labs CEO Raj Dutt, Mango Capital, Salesforce Ventures, Two Sigma Ventures, IBM, the Founder Collective, and Entrée Capital. As part of the round, David Aronoff of Flybridge, Raj Dutt of Grafana Labs, and Glenn Solomon of GGV Capital will join NetBox Labs’ board.
The Burns & Levinson deal team was led by Corporate and EC/VC partner Andrew Merken with assistance from corporate associate Naveed Cheraghchi.
The Series A round comes on the heels of NetBox Labs’ spin-out from NS1, which was recently acquired by IBM. Kris Beevers, former CEO of NS1, is leading NetBox Labs as co-founder and chief executive officer, with NetBox Lead Maintainer Jeremy Stretch also serving as a co-founder. Former NS1 executives in finance, operations, technology, product, and business development, as well as more than a dozen dedicated team members, round out the NetBox Labs staff. The company will be headquartered in New York City with a global, remote workforce.
“We loved working with Flybridge on this unique investment. NetBox Labs’ technology has already achieved widespread customer adoption even before this Series A funding, and we are excited to continue to work with Flybridge as they help drive NetBox’s future success and growth,” said Merken.
The Series A investment will enable NetBox Labs to scale development and delivery of open source NetBox and NetBox Cloud, a hosted NetBox solution with specific performance and service level agreements and commercial support. Dozens of customers, including Chewy, Dartmouth College, and Constant Contact, already rely on NetBox Cloud as a network source of truth to drive their network automation strategy. With intro, standard, and enterprise plans available, NetBox Cloud eliminates the administrative overhead associated with hosting and managing enterprise-grade NetBox instances while adding features for reliability, security, compliance, and more.
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