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- Affirmed Networks
Affirmed Networks Acquisition, Valuation, Funding & Investors
Affirmed Networks was acquired by Microsoft for $1.4B in March 2020.
Cumulative funding Affirmed Networks raised
$89M
across 2 funding rounds
Key investors in Affirmed Networks
Bessemer Venture Partners
Lightspeed Venture Partners
CRV
Qualcomm Ventures
Matrix Partners
Employee Stock Option Fund
DTCP
Eastward Capital Partners
About Affirmed Networks
Affirmed Networks is a Burlington, Massachusetts-headquartered provider of virtualized mobile network solutions. Founded in 2010, the company delivers cloud-native 5G core infrastructure serving telecom operators worldwide before its acquisition by Microsoft in 2020.
Founded
2010
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$1.4B (acquired Mar 2020)
Sectors
Affirmed Networks Acquisition
Affirmed Networks was acquired by Microsoft for $1.4B on 26 March 2020.
Before the acquisition Affirmed Networks had raised $89M across 2 funding rounds.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 26 Mar 2020 | Strategic M&A | $1.4B |
Affirmed Networks Funding History
Affirmed Networks has raised a total of $89M across 2 funding rounds.
Affirmed Networks' first fundraising round was a $51M Series C in June 2013. The most recent completed round was a $38M undisclosed-stage round in February 2019.
Affirmed Networks funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Feb 2019 | Undisclosed stage | Centerview Capital (lead); Qualcomm Ventures; Bessemer Venture Partners; Employee Stock Option Fund; Eastward Capital Partners | $38M | Affirmed Networks, a leader in virtualized and cloud-native mobile network solutions, raised $38 million in a strategic funding round on February 25, 2019, led by Centerview Capital Technology, with participation from Qualcomm Ventures, Eastward Capital Partners, and existing investors including Bessemer Venture Partners. The company specializes in software that enables mobile network operators to create, monetize, and deliver 5G-styled services across 3G, 4G, 5G, and Wi-Fi. At the time, Affirmed had over 100 customers worldwide, including Tier 1 and Tier 2 mobile service providers, reflecting significant customer growth and market momentum. The funding was intended to capitalize on this momentum, expand network transformation capabilities into more global regions, invest in product development, grow the customer base, and accelerate 5G network services. Investors highlighted Affirmed's disruptive technology, deep domain expertise, and unique position to help operators innovate revenue-generating services in the 5G era. Centerview Capital Partner Ned Hooper emphasized the company's vision for mobile network transformation, while Qualcomm Ventures' Quinn Li noted shared goals in unlocking 5G value and adoption. This round built on prior funding, including a $51 million Series C in 2013 led by Bessemer Venture Partners with Vodafone Ventures, T-Venture, KCK Group, Charles River Ventures, Lightspeed Venture Partners, and Matrix Partners, and an initial $52 million emergence from stealth in 2012. Affirmed's total funding reached approximately $155 million across multiple rounds by 2019. The company was later acquired by Microsoft on March 26, 2020. |
| Jun 2013 | Series C | Bessemer Venture Partners (lead); KCK; Matrix Partners; Vodafone Ventures; Lightspeed Venture Partners; DTCP; CRV | $51M | Affirmed Networks was founded in 2010 and provided virtualized mobile network solutions, with particular focus on mobile core virtualization and Network Function Virtualization (NFV) technologies. The company operated from Acton, Massachusetts and had grown to approximately 320 employees across 14 countries by 2013. The Series C round of $51 million was led by Bessemer Venture Partners and included participation from KCK Group, Charles River Venture Partners, Lightspeed Venture Partners, Matrix Partners, T-Venture (Deutsche Telekom's corporate venture unit), and Vodafone Ventures. This round brought total funding to approximately $163 million across three rounds of venture capital. The company had secured significant customer traction with Tier 1 mobile operators, including AT&T as a Domain 2.0 supplier, along with announced deployments or trials with Telus, Vodafone, Saudi Telecom, Etisalat, and LGU+. By the time of the Series C round, Affirmed Networks reported 40 deployments of its Mobile Content Cloud (MCC) vEPC solution and over 40 trials with mobile and fixed operators. The funding was directed toward meeting substantial demand from mobile operators for the company's network virtualization solutions. |
Who has invested in Affirmed Networks?
11 investors have backed Affirmed Networks across its funding rounds, including Bessemer Venture Partners, Lightspeed Venture Partners, CRV, Qualcomm Ventures, Matrix Partners and Employee Stock Option Fund.
Lead investors include Centerview Capital and Bessemer Venture Partners.
Affirmed Networks Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jun 2013 | ||
| 1 | Participant | Jun 2013 | ||
| 1 | Participant | Feb 2019 | ||
| 1 | Participant | Jun 2013 | ||
| 1 | Lead | Feb 2019 | ||
| 1 | Participant | Jun 2013 | ||
| 1 | Participant | Jun 2013 | ||
| 1 | Participant | Feb 2019 | ||
| 1 | Participant | Feb 2019 | ||
This data is available for Pro users. Sign up to see all 11 Affirmed Networks investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAffirmed Networks Competitors
Affirmed Networks competitors include listed companies like Rai Way, Cordiant Digital Infrastructure, China Bester Group and Sarana Menara Nusantara, and private ones like Helium and Reggefiber.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $326M | $214M | $1.4B | 4.2x | ||
| Publicly listed | $221M | - | $1.3B | 6.5x | ||
| Publicly listed | $484M | $98M | $1.4B | 3.7x | ||
| Publicly listed | $751M | $537M | $1.5B | 5.1x | ||
| Private | - | - | $1.2B | - | ||
| Private | - | - | $1.8B | - |
Affirmed Networks Public Comps
Affirmed Networks is no longer listed, but its public comps include Rai Way, Cordiant Digital Infrastructure, China Bester Group, Sarana Menara Nusantara, Anterix, Priortech, Cetc Potevio Science, Service Stream, SUNeVision and Liberty Latin America.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $326M | $214M | 4.3x | 4.2x | 6.5x | 6.3x | |||
| $221M | - | 6.9x | 6.5x | - | - | |||
| $484M | $98M | 3.7x | 3.7x | 18.3x | 27.1x | |||
| $751M | $537M | 5.3x | 5.1x | 7.4x | 6.4x | |||
| $7M | ($29M) | 216.3x | 103.4x | (47.7x) | (46.7x) | |||
| $883K | - | 1431.4x | - | - | - | |||
| $728M | $25M | 2.0x | - | 57.6x | - | |||
| $1.7B | $101M | 0.6x | 0.6x | 10.7x | 9.0x | |||
This data is available for Pro users. Sign up to see all Affirmed Networks competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Affirmed Networks
| When was Affirmed Networks founded? | Affirmed Networks was founded in 2010. |
| Where is Affirmed Networks headquartered? | Affirmed Networks is headquartered in Boston, MA, United States. |
| Is Affirmed Networks publicly listed? | No, Affirmed Networks was acquired by Microsoft in March 2020. |
| Who acquired Affirmed Networks? | Affirmed Networks was acquired by Microsoft in March 2020. |
| How much was Affirmed Networks acquired for? | Affirmed Networks was acquired for $1.4B in March 2020. |
| How much funding has Affirmed Networks raised? | Affirmed Networks has raised $89M across 2 funding rounds. |
| What was Affirmed Networks' last funding round? | Affirmed Networks' last funding round was a $38M undisclosed-stage round in February 2019, led by Centerview Capital. |
| Who are Affirmed Networks' investors? | Affirmed Networks' investors include Bessemer Venture Partners, KCK, Qualcomm Ventures, Matrix Partners, Centerview Capital, Vodafone Ventures, Lightspeed Venture Partners, Employee Stock Option Fund, Eastward Capital Partners, DTCP and 1 other. |
| Which companies are comparable to Affirmed Networks? | Companies comparable to Affirmed Networks include Rai Way, Cordiant Digital Infrastructure, China Bester Group, Sarana Menara Nusantara, Helium and Reggefiber. |
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