Peribit secures $10m in fourth round funding

Peribit Networks which has chosen Dublin to be its European hub has secured $10m (€8.5m) in its fourth round of financing.

This brings the total raised by the US WAN application firm to $42m (€36m) and puts the company's valuation at $100m. (€85m)

WK Technology Fund led this round with previous investors Mayfield, Accel Partners and Foundation Capital all investing at a pro-rated level.

Securing this deal means that the company’s valuation has quadrupled over two years and defies a three-year trend of flat or down financing rounds, according to Mayfield General Partner Janice Roberts.

"During the past six months, Peribit doubled their customer base securing large enterprise customers like Cintas Corporation, Vivendi and Fairchild Semiconductor," Roberts said.

"In this era where the majority of financings have been level or down, we are delighted to be an investor in one of Silicon Valley's new winners," she added.