Netskope has successfully raised $1.2 billion over 10 funding rounds, achieving a valuation of over $1 billion. The company focuses on redefining cloud, network, and data security through its innovative platform.
Keep reading to explore the intricacies of Netskope's fundraising journey and the investors backing this transformative platform.
What Is Netskope?
Netskope, founded in 2012 by Krishna Narayanaswamy and Sanjay Beri, is a leader in cloud, network, and data security. The company is headquartered in Santa Clara, California, and has offices in multiple global locations including St. Louis, Bangalore, London, Melbourne, and Tokyo.
With a workforce of over 3,000 employees, Netskope focuses on protecting data wherever it goes by building a new perimeter in the cloud. Their platform, Netskope One, includes solutions like Security Service Edge (SSE), Secure Access Service Edge (SASE), and Cloud Access Security Broker (CASB).
Netskope's mission is to transform how networking and security work together, ensuring robust protection for data and users across cloud, web, and private applications. The company has received significant investment and is highly rated for its work culture and leadership.
How Much Funding Has Netskope Raised?
- Series A
- Amount Raised: $5,500,000
- Date: January 2013
- Motivation Behind the Round: To emerge from stealth and begin operations.
- Series A
- Amount Raised: $21,000,000
- Date: October 2013
- Motivation Behind the Round: To emerge from stealth and begin operations.
- Series B
- Amount Raised: $15,900,000
- Date: October 2013
- Motivation Behind the Round: To support early-stage growth and development.
- Series C
- Amount Raised: $35,000,000
- Date: May 2014
- Motivation Behind the Round: To accelerate product development and market expansion.
- Series D
- Amount Raised: $75,000,000
- Date: September 2015
- Lead Investors: Iconiq Capital
- Motivation Behind the Round: For developing new products, expanding sales and marketing, and other growth activities.
- Series E
- Amount Raised: $100,000,000
- Date: June 2017
- Lead Investors: Lightspeed Venture Partners and Accel Partners
- Motivation Behind the Round: To continue building out its team and customer base, and to remain on the IPO path.
- Series F
- Amount Raised: $168,699,980
- Date: November 2018
- Lead Investors: Lightspeed Venture Partners
- Valuation at Round: Over $1 billion
- Motivation Behind the Round: To grow the business, expand R&D, and increase the number of global data centers.
- Series G
- Amount Raised: $340,000,000
- Date: February 2020
- Lead Investors: Sequoia Capital Global Equities
- Valuation at Round: Nearly $3 billion
- Motivation Behind the Round: To support the rapid growth and global demand for Netskope's cloud-native network and data security platform, and to continue driving innovation in the SASE and cloud security markets.
- Series H
- Date: November 2021
- Valuation at Round: $7.5 billion
- Motivation Behind the Round: To further expand its market reach and continue platform development.
- Series Convertible Note
- Amount Raised: $401,000,000
- Date: January 2023
- Lead Investors: Morgan Stanley Tactical Value
- Motivation Behind the Round: To extend Netskope's technology and platform advantages, expand its market reach, and continue innovative worldwide platform development and strategic go-to-market activities.
Total Amount Raised: $1.2 billion. Current Valuation: $7.5 billion.
Key Investors
- Sequoia Capital Global Equities
- Details: Sequoia Capital Global Equities extends Sequoia’s efforts into the public/private crossover market, investing primarily in public and late-stage private companies. They are known for their strategic investments in disruptive technology themes.
- Investment Focus Areas: Disruptive technology themes, public companies, late-stage private companies.
- Notable Investments: Companies accounting for more than 20% of NASDAQ’s total value.
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a venture capital firm focusing on early and growth-stage investments in the enterprise, consumer, and health sectors. They have a strong track record of backing successful startups.
- Investment Focus Areas: Enterprise, consumer, health sectors.
- Notable Investments: Snap Inc., AppDynamics, MuleSoft.
- Accel
- Details: Accel is a venture capital firm that invests in early and growth-stage technology companies. They have been instrumental in the growth of several high-profile tech companies.
- Investment Focus Areas: Early-stage technology, growth-stage technology.
- Notable Investments: Facebook, Dropbox, Slack.
- Iconiq Capital
- Details: Iconiq Capital is a privately-held investment firm that serves influential families and organizations. They manage investments for some of Silicon Valley's biggest names.
- Investment Focus Areas: Technology companies, influential families, organizations.
- Notable Investments: Snowflake, Uber, DocuSign.
- Sapphire Ventures
- Details: Sapphire Ventures is a venture capital firm that invests in growth-stage technology companies. They focus on helping companies scale and achieve long-term success.
- Investment Focus Areas: Growth-stage technology companies.
- Notable Investments: LinkedIn, Box, Square.
What's Next for Netskope?
Netskope stands at the cusp of significant opportunities, driven by the increasing demand for cloud-native network and data security solutions. With a customer base that includes over 25 of the Fortune 100, the company is well-positioned to expand its market reach and continue its innovative platform development. The global shift towards Secure Access Service Edge (SASE) and zero trust principles further amplifies Netskope's growth potential.
Future fundraising opportunities appear promising, given the substantial investments from major financial entities like Morgan Stanley Tactical Value and Sequoia Capital Global Equities. These investments not only validate Netskope's market position but also pave the way for potential future rounds to support its expansion and technological advancements.
However, Netskope faces challenges such as intense competition from established players like Microsoft and McAfee, and the need to continuously innovate to stay ahead. Managing rapid growth and scaling operations effectively will be crucial as the company navigates the evolving cybersecurity landscape.
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