Netskope has always focused its security awareness on the cloud, and as more and more workloads are moved there, it has undoubtedly had a positive impact on the cloud. Today, the company announced an investment of $ 340 million with a value of nearly $ 3 billion.
Sequoia Capital Global Equities led the round, but there were a number of other participating companies in this large round, including the Canada Pension Plan Investment Board and PSP Investments, as well as existing investors Lightspeed Venture Partners, Accel, Base Partners and ICONIQ Kapital, Sapphire Ventures, geodetic capital and social capital. Today's investments are worth over $ 740 million, according to Crunchbase data.
As with so many big rounds lately, CEO Sanjay Beri said that the company wasn't necessarily looking for more capital, but knocked as brand investors, they decided to act. “We didn't necessarily need this capital, but we had a large balance sheet and a legendary group of investors like Sequoia, Lightspeed and Accel who all put their chips behind Netskope Dominating the largest security market in the long term is a very strong signal for the industry, ”said Beri.
From the beginning, Netskope has pursued the goal of cloud and mobile security, avoiding the traditional perimeter security that was still popular when the company was launched in 2012. Today's urgent requirement is fast security that is delivered from the cloud and provides real-time protection against network and data threats when cloud services, websites, and private apps are accessed from anywhere, anytime, on any device, ”explained he.
When Netskope announced its $ 168.7 million round at the end of 2018, the company was worth over $ 1 billion at the time. Today, it announced that it had almost tripled that number to nearly $ 3 billion. It's a big leap in just two years, but it's growing 80% year over year and claims to be "the fastest growing company in the fastest growing areas of cybersecurity: Secure Access Server Edge (SASE) and cloud Security, ”said Beri.
The next natural step for a company at this stage of maturity would be to become a public company, but Beri was not yet ready to commit to it. "An IPO is definitely a possible milestone on the way, but it is certainly not limited to this, and we are in no hurry and have no capital requirements. Therefore, we do not comment on the timing."