Netskope raises $ 300 million to expand both platform and market
Netskope announced that the company has closed a new $ 300 million investment round led by existing investor ICONIQ Growth. All other large existing Netskope investors also participated in this latest round of funding, including Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures and Geodesic Capital.
As a result of this largely oversubscribed investment round, Netskope reached a post-money valuation of $ 7.5 billion.
Continued investment in Netskope from leading investors further validates the company’s exceptional team, vision, track record of strong global execution and the opportunity to continue to rapidly gain market share in the growing market. rapid CAGR that analysts estimate to be a total addressable market of $ 30 billion by 2024, with cloud security CAGR growth estimated at over 30% over the next several years. Netskope will continue to aggressively expand both its platform and preferred market amidst its hypergrowth to meet strong demand for its Secure Access Service Edge (SASE) architecture.
Cybercrime is increasing at an alarming rate. As businesses transform their existing IT infrastructure and move applications and data to the cloud, security must evolve as well. Netskope Security Cloud offers a comprehensive, cloud-native SASE technology platform that enables secure enterprise digital transformation and secure remote connectivity using built-in capabilities Zero Trust Network Access (ZTNA), Secure Web Gateway (SWG) and Cloud Access Security Broker (CASB).
Netskope’s cloud-native SASE architecture also includes NewEdge, which enables fast and secure access from anywhere to data, applications and websites, wherever they are.
As Gartner notes in its 2021 Strategic Roadmap for SASE Convergence, âBy 2024, 30% of enterprises will adopt SWG, CASB, ZTNA and firewalls as a service from branch offices of the same vendor, compared to less than 5% in 2020. âNetskope’s approach to SASE and Zero Trust cloud architecture has been quickly adopted by businesses and governments around the world, and has been repeatedly recognized as a leader by top analysts and clients, as evidenced by consecutive citations from the Gartner Magic Quadrant and Gartner Peer Insight Customer Choice Award for CASB and SWG.
Today, among more than 1,500 customers worldwide, Netskope serves:
- Over 30 of the Fortune 100
- 2 of the 4 largest commercial banks in the world
- 5 of the 7 largest healthcare providers in the world
- 2 of the 3 largest telecommunications companies in the world
- 2 of the 4 largest retailers in the world
âWe started Netskope because we saw a cloud-centric, digital-centric business future that simply cannot be achieved using legacy security and network approaches,â said Sanjay Beri, CEO and co-founder of Netskope. âWe were SASE before the term SASE existed and today we see our vision manifested around the world as businesses increasingly look to Netskope for secure digital transformation. We are fortunate to have attracted a truly exceptional team and set of partners, clients and industry luminaries who support us and bring us tremendous value, and we are delighted to take another step with them in our trip.
âDigital transformation doesn’t happen without network transformation and security transformation, and we believe this is where Netskope offers like no other vendor,â said Will Griffith, founding partner of ICONIQ Growth. âThe demand for Netskope as part of a well-designed SASE architecture is very high, and Sanjay and the whole Netskope team are benefiting. Netskope is leading the way for cloud, networking, security and long-term data protection. We deeply value our investment partnership with the company and are delighted to expand it as we continue this adventure. “
This latest round of funding builds on the momentum of the business and product launches for Netskope over the past 18 months, including:
- Expanded board and leadership team with industry and networking industry leaders from Palo Alto Networks, Fortinet, FireEye, Riverbed, and more
- Honored in the Forbes Cloud 100 for the fourth year, rising from 16 places from the previous ranking to the 48th
- Named by Gartner as a Leader in the Gartner Magic Quadrant for Cloud Access Security Brokers (CASB) for the fourth consecutive year, and a Visionary in the Gartner Magic Quadrant for Secure Web Gateway in the first year of Netskope inclusion
- Named by Gartner as the 2021 Gartner Peer Insights Customer Choice for CASB and SWG, including # 1 ranking among all SWG vendors as the top rated SWG by customers
- Even greater coverage of the NewEdge private security cloud in North America, Europe, Latin America, the Middle East and Asia-Pacific, with NewEdge recognized as a leader in SASE architectures in terms of speed and customer relationships. public cloud peering
- Expanded patent portfolio, highlighting SASE’s continued leadership and innovation in data protection, to over 75 patents worldwide, with over 60 additional patents pending for Netskope inventors
- Launch of SASE Accreditation, a vendor-independent course to meet design requirements for SASE
- Ongoing risk management with the launch of Advanced Analytics, helping organizations understand, prioritize and measure their efforts to improve the security of their applications, data and users
- Delivery of a Zero Trust network access solution with Netskope Private Access