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Cloud Security Provider Netskope Raises $340M At ‘Nearly $3B’ Valuation

Netskope, a cloud security company, announced this morning it has raised $340 million in a Series G round led by Sequoia Capital Global Equities.

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The financing values the Santa Clara, Calif.-based company at nearly $3 billion, it said, and brings its total raised to over $740 million, according to Crunchbase data. Netskope’s last funding–a $168.7 million Series F–closed in November 2018, propelling it to unicorn status.

New investors Canada Pension Plan Investment Board and PSP Investments participated in its latest round, as well as all existing investors including Lightspeed Venture Partners (which led its Series F), Accel, Base Partners, ICONIQ Capital, Sapphire Ventures, Geodesic Capital and Social Capital.

Netskope describes itself as an alternative to “legacy, outdated security solutions that have failed to keep up with enterprises’ rapid adoption of new cloud and mobile technology, which have dissolved the ‘perimeter’ of a business’ network that traditional solutions were originally built for.”

Put more simply, Netskope’s Security Cloud offering aims to give companies visibility and real-time data and threat protection when accessing cloud services, websites and private apps from anywhere, on any device.

Netskope CEO Sanjay Beri said that when he started the company in 2012, “it was clear that the cloud was changing everything, but few saw how it would disrupt security.”

Netskope CEO and Founder Sanjay Beri

Patrick Fu, managing partner at Sequoia Capital Global Equities, said his firm believes Netskope is the “unrivaled leader driving innovation” across cloud, data and network security.”

Besides seeing 80 percent enterprise customer growth (25 percent of which is among the Fortune 100), the company says it has boosted its headcount by 50 percent with a focus on engineering and sales. Specifically, Netspoke says it has 1,000 customers and added 300 employees in less than a year’s time. It now has nearly 1,000 employees.

In addition to its new headquarters in Santa Clara, Netskope has opened new offices in Paris, São Paulo, Seattle, New York, St. Louis, San Francisco and Tokyo. It’s also expanded into new markets including Australia, Singapore, Chile, Colombia, Brazil, Mexico, Italy, Spain and Germany.

As far as vertical markets are concerned, Beri told Crunchbase News that “there is not an industry that is immune to the security concerns” Netspoke addresses.

“That in mind, we continue to see massive uptake in regulated industries such as financial services, healthcare, and retail,” he said.

Illustration: Li-Anne Dias

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