Netskope Raises Shocking $300m at a valuation of $7.5B.
Netskope Raises a Shocking $300m at a valuation of $7.5B. Netskope, a Santa Clara based cloud security has attained a mammoth valuation of $7.5 billion after latest raise of $300 million. They are one of the leading security company on Secure Access Service Edge architecture.
This successful round featured ICONIQ Growth, Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures and Geodesic Capital.
Tech&Butter.com learns that 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.
“What we had before in the market didn’t work for that world,” he said. “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.”
Previous Funding Rounds at Netskope
Just incase you do not know, Netskope has been very successful in raisings: it raised $340 million last February, which gave it a valuation of nearly $3 billion. Priviously, Netskope had a $168.7 million round at the end of 2018.
The executive confirmed that similar to all 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.
“The reality is we could have raised $1 billion, but we don’t need more capital,” he added. “However, having a continued strong balance sheet isn’t a bad thing. We are fortunate to be in that situation. Our destination is to be the most impactful cybersecurity company in the world.
Beri 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.
Even pre-pandemic the company had strong hypergrowth over the past year. They surpassed the market average annual growth of 50%, he added.
This far Netskope has raised just over $1 billion, according to Crunchbase data.
Is Netskope going public..?
“Going public is one day on our path, but you probably won’t see us raise another private round,” Beri said.
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