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The next natural step for a company at this stage of maturity would be to look to become a public company, but Beri wasn’t ready to commit to that just yet. That’s a big leap in just two years, but it reports 80% year-over-year growth, and claims to be “the fastest-growing company at scale in the fastest-growing areas of cybersecurity: secure access server edge (SASE) and cloud security,” according to Beri. Today, it announced it has almost tripled that number, with a valuation close to $3 billion. When Netskope announced its $168.7 million round at the end of 2018, the company had a valuation over $1 billion at that time. Today’s urgent requirement is security that is fast, delivered from the cloud, and provides real-time protection against network and data threats when cloud services, websites, and private apps are being accessed from anywhere, anytime, on any device,” he explained. “Legacy products based on traditional notions of perimeter security have gone obsolete and inhibit the needs of digital businesses. “We did not necessarily need this level of capital but having a large balance sheet and a legendary set of investors like Sequoia, Lightspeed and Accel putting all their chips behind Netskope for the long term to dominate the largest market in security is a very strong signal to the industry,” Beri said.įrom the start, Netskope has taken aim at cloud and mobile security, eschewing the traditional perimeter security that was still popular when the company launched in 2012.
This successful round featured ICONIQ Growth, Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures and Geodesic Capital. SANTA CLARA, Calif., J/PRNewswire/ - Netskope, the SASE leader, today announced that the company has closed a new 300 million investment round led by existing investor ICONIQ Growth. Netskope, a Santa Clara based cloud security has attained a mammoth valuation of 7.5 billion after la. Today’s investment brings the total raised to more than $740 million, according to Crunchbase data.Īs with so many large rounds recently, CEO Sanjay Beri said the company wasn’t necessarily looking for more capital, but when brand name investors came knocking, they decided to act. Netskope Raises a Shocking 300m at a valuation of 7.5B.
Netskope 300m iconiq growth psp#
Sequoia Capital Global Equities led the round, but in a round this large, there were a bunch of other participating firms, including new investors Canada Pension Plan Investment Board and PSP Investments, along with existing investors Lightspeed Venture Partners, Accel, Base Partners, ICONIQ Capital, Sapphire Ventures, Geodesic Capital and Social Capital. Today the company announced a $340 million investment on a valuation of nearly $3 billion. Some of its high-profile customers include Nvidia Corp, Gilead Sciences Inc, Cleveland Clinic and Levi Strauss & Co.Netskope has always focused its particular flavor of security on the cloud, and as more workloads have moved there, it has certainly worked in its favor. The company had raised $340 million in a late-stage funding round led by Sequoia Capital Global Equities in February last year, which valued the company at $3 billion. Also participating in this latest funding round were all other major existing Netskope investors, including Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures, and Geodesic Capital. It has more than 40 patents and over 1,000 employees. Netskope announced that the company has closed a new 300 million investment round led by existing investor ICONIQ Growth.
Netskope was founded by engineers who had previously worked at security and networking companies such as Palo Alto Networks, Juniper Networks, Cisco and VMware, its website showed. As enterprises transform their legacy IT infrastructure and move applications and data to the cloud, security needs to transform as well," Netskope said in a statement. "Cybercrime is increasing at an alarming rate.
The COVID-19 pandemic also forced companies to shift to a remote working model, driving demand for cloud security measures. Also, about 61% of malware is delivered from the cloud.īusinesses globally are battling to protect their data-rich computers from cyber crime and there are no signs such costly attacks will stop anytime soon. According to a Netskope threat report, around 53% of web traffic is related to cloud activity as more businesses move online.
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