Auvik Networks secures $20M Series C led by OpenView

Auvik Networks Inc. has closed a $20 million Series C round of financing led by existing investor OpenView, with participation from existing investors Celtic House Venture Partners and Rho Canada Ventures.

OpenView led Auwik Networks’ $15 million Series B in August 2017 and was joined by Celtic House Venture Partners and Rho Canada Ventures.

Auvik Networks secured $6 million first round (Series A) from Celtic House Venture Partners, Rho Canada Ventures, BDC Capital and its founders in 2013.

Founded in 2011 by CEO Marc Morin, CTO David Yach, and VP of Product & Sales Alex Hoff, Waterloo, Ontario based Auvik Networks is a provider of network monitoring and management software for managed service providers (MSPs).

photo credit: Auvik Networks Inc.

News Release

Auvik Networks Raises $20 Million in Series C Financing

Company’s significant growth leads to third round of funding

Auvik Networks, a provider of network monitoring and management software for managed service providers (MSPs), has raised CAD$20 million in Series C financing led by existing investor OpenView, with participation from return investors Celtic House Venture Partners and Rho Canada Ventures.

“The Auvik team has more than executed against plan since we made our initial investment in the company last August,” said Ricky Pelletier, Partner at OpenView and Auvik board member. “It’s been clear since then that with increased network reliance and complexity, the need for a product like Auvik has never been more critical. We are thrilled to double down to help Auvik ensure that no MSP is left in the dark again.”

Auvik’s cloud-based software gives MSPs unprecedented insight into client networks and automates complex and time-consuming tasks. With enhanced visibility and control over network infrastructure like switches, routers, and firewalls, MSPs can scale their services efficiently and profitably.

“This Series C financing is a huge vote of confidence from our investment partners,” said Marc Morin, CEO of Auvik Networks. “Auvik is providing industry-leading network management software for MSPs, and the funding will enable us to further accelerate our efforts and support an ever-growing number of MSP partners.”

In the past year, the network management software company has grown rapidly, more than doubling its partner base and employee headcount. Most recently, Auvik was named Most Valuable Software at the Channelnomics MSP Awards.

Tom Valis, partner at Celtic House said, “The Auvik team has used leading expertise in networking to build a cloud-based product that transforms the capabilities of MSPs. This round of financing will support the company’s continued exceptional growth.”

Sean Brownlee, partner at Rho Canada Ventures, also referenced Auvik’s track record of strong growth and innovation. “Auvik has developed a stellar reputation within the MSP space, as demonstrated by the staggering uptick in partner growth this past year. We’re looking forward to playing a continued role in the Auvik journey.”

About Auvik Networks
Auvik’s cloud-based software simplifies and automates network monitoring and management for IT managed service providers. Auvik gives MSPs better visibility, documentation, and monitoring for their client networks, and automates many time-consuming network tasks. With Auvik, MSPs have an efficient and profitable way to manage their client networks. Visit www.auvik.com or follow @AuvikNetworks on Twitter. Auvik is a registered trademark of Auvik Networks Inc.

About OpenView
OpenView, the expansion stage venture firm, helps build software companies into market leaders. Through our Expansion Platform, we help companies hire the best talent, acquire and retain the right customers and partner with industry leaders so they can dominate their markets. Our focus on the expansion stage makes us uniquely suited to provide truly tailored operational support to our portfolio companies. Learn more about OpenView at ov.vc.

About Celtic House Venture Partners
Since 1994, Celtic House Venture Partners has been one of Canada’s most active investors in technology and innovation. Celtic House has collaborated with management teams and repeat entrepreneurs to develop technology companies from the inception phase through to exit, generating over 25 initial public offerings and successful acquisitions. From offices in Ottawa and Toronto, Celtic House manages in excess of $425 million across three funds. To find out more, visit www.celtic-house.com.

About Rho Canada Ventures II L.P.
Rho Canada Ventures is a division of Rho Capital Partners focusing on early-stage investing in Canada’s most innovative technology companies. The Rho Canada Ventures team comprises a unique combination of entrepreneurial, operational and venture investment experience in the United States and Canada. With a combined 80 years of experience, Rho offers entrepreneurs the expertise to turn Canadian innovators into global leaders. Rho Canada Ventures’ portfolio companies are a diverse group of investments that span new media, mobile applications, wireless infrastructure, semiconductors & materials, and software (including SaaS). To find out more, visit www.rhocanada.com.

Media contacts

Sarah Cunningham-Scharf, Marketing Content Specialist, Auvik Networks
sarah@auvik.com
519-804-4700 x194

Gail Axelrod, Director of Marketing, OpenView
gail@ov.vc
(617) 478-0945


Ted Liu
Ted Liu, M.Sc. (Mining), MBA (Finance), is the Editor of Private Capital Journal, TechnologyMetals.ca, GoldSilverMetals.ca, and former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA). Ted is President of CPE Media Inc., an independent, trusted and unbiased data provider tracking Canadian VC/PE, private capital industry.
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