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Email Cybersecurity Firm Abnormal Hits Unicorn Status After $210M Raise

Although security around things such as the network, identity and even crypto seem to get most of the attention nowadays, one of the most common ways bad actors attack companies is through email.

Abnormal Security helps stop such attacks, and now has become cyber’s newest unicorn. The San Francisco-based AI-based email security platform raised a $210 million Series C led by Insight Partners that values the company at $4 billion.

The round also included participation from Greylock Partners and Menlo Ventures. Abnormal now has raised nearly $284 million, according to Crunchbase data.

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In a release, the company pointed to an FBI internet crime study that revealed business email compromise losses totaled nearly $2.4 billion in 2021. Abnormal’s email security platform leverages AI-based behavioral data science to try to stop socially engineered and more modern email attacks. The platform protects against a wide range of attacks including business email compromise, phishing, malware, ransomware, social engineering, spam and others.

While email security can be overlooked by some, it is not by investors. One of the largest deals in cyber’s history occurred last year when private equity giant Thoma Bravo bought publicly traded Proofpoint for $12.3 billion. Proofpoint was founded as an email security solution, and while it added additional capabilities through the years it was still closely associated with email and messaging security.

Abnormal’s valuation makes the company the 12th unicorn to be minted this year in cybersecurity—and the first this month, according to Crunchbase. It joins other cyber companies including CertiK, Nord Security and Island as new unicorns this year.

Illustration: Dom Guzman

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