Webscale Secures Investment from Neythri Futures Fund I
SANTA CLARA, Calif., May 14, 2021 (GLOBE NEWSWIRE) -- Webscale, the Cloud Platform for Modern Commerce, today announced that it has secured investment from Neythri Futures Fund, extending its already announced round of $26 million in growth capital financing from investors and Silicon Valley Bank. The Series C round in March 2021 was led by BGV, STCAP Ventures and Mohr Davidow Ventures, with participation from Grotech Ventures.
This is Neythri Futures Fund's inaugural investment. The fund has been established with a mission to position South Asian women front and center as key investors and stakeholders, and offers an opportunity to influence and spearhead technology innovation.
Webscale has been led by CEO Sonal Puri since 2015. An Indian American, Sonal is one of the leading voices in the B2B SaaS segment, and one of its most prominent women leaders. She has been an active member of Neythri, a global community of 1600+ South Asian women professionals, since its inception in 2020. Recently launched, the Neythri Futures Fund is a sister organization of Neythri.org.
“The investment from Neythri Futures Fund, their first globally, is a validation of the platform we have developed to deliver ecommerce through the power of cloud computing and automation,” said Sonal Puri, CEO, Webscale. “Neythri’s mission to empower and nurture South Asian women professionals is truly commendable and we are delighted to have the guidance and expertise of their investors, Limited Partners and subject matter experts.”
A recent report from PitchBook Data notes that female investors are twice as likely to invest in companies with female founders, and three times as likely in companies with emale CEOs. However, fewer than 10% of all VC partners are women, and only one in every 400 venture capital partners in the US is a woman of South Asian origin. Neythri aims to challenge this status quo and improve the participation of women, especially South Asian women, in the VC ecosystem, by supporting the business ventures they lead.
“A systemic change is required to push women of color to the forefront of the global funding ecosystem and Neythri is that force,” said Mythili Sankaran, Managing Partner and Co-founder, Neythri Futures Fund. “A small but historic step in that direction is our decision to invest in Webscale, and in Sonal, an inspiring South Asian woman business leader who has been instrumental in growing her company from a fledgling startup, to the defacto standard for ecommerce cloud success.”
About Neythri Futures Fund
The Neythri Futures Fund offers South Asian women the opportunity to expand their knowledge base, amplify their influence, and strengthen their financial position by entering and participating in the investment arena. We have a compelling opportunity to do all of this while advancing the representation of both South Asian women investors and diverse teams of entrepreneurs. With a breadth of backgrounds and experiences, we are a group of successful South Asian leaders Invested. Together.
For more information, visit www.neythrifuturesfund.com
Teams and the MSP
Lessons in IoT Cloud Connectivity
Session Details Coming Soon