“An IPO is definitely a possible milestone in the journey, but it’s certainly not limited to that and we’re not in a rush and have no capital needs, so we’re not commenting on timing. 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. 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. 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. We are fortunate to be in that situation, and our destination is to be the most impactful cybersecurity company in the world.īeri said the company just completed a “three-year journey building the largest cloud network that is 15 milliseconds from anyone in the world,” and intends to invest the new funds into continued R&D, expanding its platform and Netskope’s go-to-market strategy to meet demand for a market it estimated would be valued at $30 billion by 2024, he said.Įven pre-pandemic the company had strong hypergrowth over the past year, surpassing the market average annual growth of 50%, he added.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. Netskope today said it closed a 300 million funding round led by existing investor Iconiq Growth that sent the secure access services edge ( SASE) vendor’s valuation skyrocketing to 7.5. “However, having a continued strong balance sheet isn’t a bad thing. Netskope, focused on Secure Access Service Edge architecture, announced Friday a 300 million investment round on a post-money valuation of 7.5 billion. “The reality is we could have raised $1 billion, but we don’t need more capital,” he added. Similar to other rounds, the company was not actively seeking new capital, but that it was “an inside round with people who know everything about us,” Beri said. Prior to that, it was a $168.7 million round at the end of 2018. With this new round, Netskope continues to rack up large rounds: it raised $340 million last February, which gave it a valuation of nearly $3 billion. “The theory is that digital transformation is inevitable, so our vision is to transform that market so people could do that, and that is what we are building nearly a decade later.” “What we had before in the market didn’t work for that world,” he said. Netskope co-founder and CEO Sanjay Beri told TechCrunch that since its founding in 2012, the company’s mission has been to guide companies through their digital transformation by finding what is most valuable to them - sensitive data - and protecting it. The oversubscribed insider investment was led by ICONIQ Growth, which was joined by other existing investors, including Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures and Geodesic Capital. Netskope, focused on Secure Access Service Edge architecture, announced Friday a $300 million investment round on a post-money valuation of $7.5 billion.
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