Recently, Lightyear raised $31 million in a Series B funding round led by Altos Ventures, bringing the total funds raised to $79.6 million. The new funding will be used for product development and improving customer experience and support. Thankachan stated that the company does not intend to rely on outside capital for growth in the future and aims to reach cash flow break-even within the current runway.
Key takeaways:
- Dennis Thankachan founded Lightyear, a digital procurement startup that helps companies obtain internet, SD-WAN, and other essential networking infrastructure.
- Lightyear offers a platform where companies can select from networking services, interact with vendors, get price quotes, manage service installation, and automatically renew the service when the contract is up.
- Lightyear, founded in 2019, now has over a thousand networking provider partners and manages millions of dollars of telecom spend for more than 300 customers, including Palo Alto Networks, Five Guys, Pandora Jewelry, and Teladoc.
- Lightyear recently closed a $31 million Series B funding round led by Altos Ventures, bringing the startup's total raised to $79.6 million. The new funds will be used for product development and customer experience and support improvements.