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Nile, a startup that offers enterprise networks as a service, has secured $175 million in a Series C funding round. The round was co-led by March Capital and Sanabil Investments, with participation from solutions by stc, Prosperity7, Liberty Global Ventures, 8VC, Geodesic Capital, FirstU Capital, and Valor Equity Partners. The new funding will be used to drive Nile’s expansion into the Middle East and Europe, and to increase its workforce from 185 to over 210 employees by the end of the year.
Founded by former Cisco executive VP Pankaj Patel, Nile provides both wired and wireless networking as a service to large corporate customers. The startup has seen significant growth, tripling its customer base since September 2022.
Nile’s Services and Competitive Edge
Nile builds networks for customers from scratch, providing all the necessary hardware and software to establish and maintain enterprise-grade networks. The service is priced on a pay-as-you-go basis, scaling up or down based on usage.
Nile’s approach eliminates the need to configure networking devices like switches and routers and automates processes including software and hardware upgrades and security patches. The platform’s telemetry allows it to take a snapshot of a network’s performance and measure it against benchmarks, deploying “software bots” as necessary to remedy anomalies.
The Rise of Networking-as-a-Service (NaaS)
The networking-as-a-service (NaaS) market has seen a surge in demand post-pandemic, with organizations increasingly turning over control of their networks to third-party providers in exchange for abstracting away network infrastructure, security, management, and ownership.
According to a recent poll published by Nokia, nearly half (47%) of enterprise technology leaders say that their companies plan to adopt NaaS, including 10% who’ve purchased NaaS services already. Gartner anticipates that 15% of enterprises will adopt NaaS by the end of 2024, potentially driving the market for NaaS to grow from $13.63 billion in 2022 to $155.17 billion by 2030.
Looking Ahead
With the new funding, Nile is well-positioned to continue its growth and innovation in the NaaS market. The company’s innovative approach to enterprise networking and its focus on simplicity and automation position it well to make a significant impact in the industry.
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