Cybersecurity Startups Venture

Lithuania-based Nord Security Joins Unicorn Herd As VPN Use Increases After Ukraine Invasion

Illustration of laptop with firewall ablaze.

Lithuania-based Nord Security raised a $100 round led by Novator Ventures that values the VPN developer at $1.6 billion.

The round crowns the company as the ninth cybersecurity unicorn this year—and the first one this month— according to Crunchbase data.

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It also makes Nord Lithuania’s second unicorn, according to Crunchbase. Online second-hand clothing marketplace Vinted was minted a unicorn in 2019.

Nord is an internet privacy and security provider. The company’s product portfolio includes its NordVPN offering and its Surfshark consumer line of solutions.

VPN —or virtual private network— use has been on the rise since the Russian invasion of Ukraine, according to CNBC last month. The report said Russians were turning to VPNs as a work around after the Kremlin blocked such sites as Facebook on public networks.

Founded in 2012, this is Nord’s first outside fund raise. The 1,700-person company said the new money will be used  to expand its product suite and enterprise footprint.

Illustration: Dom Guzman


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