Earlier this year we talked about how unicorns had been minted after early-stage fundings at an unprecedented rate in 2021 and wondered if that could continue.
The company raised a $115 million Series B at a $1.3 billion valuation. The new round was led by Insight Partners, with participation from existing investors Stripes and Sequoia Capital. The company had just announced a $100 million Series A simultaneously with it coming out of stealth on Feb. 1.
Search less. Close more.
Grow your revenue with all-in-one prospecting solutions powered by the leader in private-company data.
Island offers an enterprise browser that the company says enhances both security and productivity of workers, giving security teams control of what is often referred to as the “last mile”—how end-users interact with work and web applications.
Gaining a valuation that fast has pluses and minuses. While it may enhance a company’s reputation, it can be hard to perform and grow into that valuation. That can lead to down rounds and even tension within the company, which can create an atmosphere where it starts to chase revenue numbers, sometimes hindering growth and innovation.
Island also is not alone in the security space as a 2022 unicorn. A handful have been newly minted already this year including eSentire, Beyond Security, Salt Security, Aleo, Veriff and SparkCognition.
Illustration: Dom Guzman
Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.