Netskope Nears Decacorn Status Following $300M Investment

Following the raise, the company’s valuation skyrocketed to a whopping $7.5 billion. In February, Netskope raised $340 million at a valuation of $3 billion.

Written by Jeremy Porr
Published on Jul. 12, 2021
Netskope Nears Decacorn Status Following $300M Investment
Following the raise, the company’s valuation skyrocketed to a whopping $7.5 billion. In February, Netskope raised $340 million at a valuation of $3 billion.
photo: netskope

Santa Clara-based cybersecurity startup Netskope announced last week that it raised $300 million in an investment round led by ICONIQ Growth.

Following the raise, the company’s valuation skyrocketed to a whopping $7.5 billion. That’s more than a $4 billion jump from its previous funding round. In February, Netskope raised $340 million at a valuation of $3 billion.

Netskope’s secure access service edge (SASE) platform connects users directly to the internet, an application, or their company infrastructure from the device of their choice. With Netskope, users can establish connections on or off of the platform’s network.

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Unlike other cybersecurity platforms, Netskope provides secure web gateway (SWB), zero trust network access (ZTNA) and cloud access security broker (CASB) capabilities on one platform. The end result? Users are provided with conditional entry and threats from outside of an organization are kept at bay.

“We started Netskope because we saw a cloud-centric, digital-first future of business that simply can’t be achieved using legacy approaches to security and networking,” Sanjay Beri, the company’s co-founder and CEO, said in a statement. “We were SASE before the term SASE existed and today we are seeing our vision manifest across the globe as enterprises increasingly turn to Netskope to enable secure digital transformation.”

The company will invest the additional capital in expanding its go-to-market strategy as it continues to scale. Netskope also plans to invest in its team, which already tops 1,000. The company is now hiring for dozens of open roles across its engineering and customer support departments.

Founded in 2012, Netskope has raised $1 billion in venture capital financing to date, according to Crunchbase.

Additional investors Lightspeed Venture Partners, Accel and Sequoia participated in the round, among others.

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