Networking startup Nile raises $175 million to challenge Cisco

FILE PHOTO: John Chambers, former chairman and CEO of Cisco Systems and founder of JC2 Ventures arrives at the "Tech for Good" Summit in Paris, France May 15, 2019. REUTERS/Charles Platiau/File Photo

(Reuters) - Nile, a networking startup co-founded by former Cisco Systems executives John Chambers and Pankaj Patel, has raised $175 million in a new round to fund its efforts to build a Cisco competitor, the company said.

The new round, co-led by March Capital and Saudi Arabia's sovereign wealth fund, Sanabil Investments, also attracted corporate investors including the venture capital arms of Saudi Telecom Company and Liberty Global.