Netskope, a United States-based, cloud security platform announced that it raised USD 300 Million in an undisclosed funding round, on Friday (09.07.2021). The startup reached a valuation of USD 7.5 Billion.
This undisclosed series was led by ICONIQ Growth with the participation of existing investors, including Accel, Lightspeed Ventures Partners, Sequoia Capital Global Equities, Sapphire Ventures, Base Partners and Geodesic Capital.
Last February, Netskope raised USD 340 Million, at a valuation of USD 3 Billion. The CEO and Co-Founder stated that the startup completed a “three-year journey building the largest cloud network that is 15 milliseconds from anyone in the world,” and aims to invest the new funds to continue developing R&D, Market strategy and expanding its platform. He added that he expects that the company will be valued at USD 30 Billion by 2024.
About Netskope –
Netskope is based in Santa Clara, California, United States, founded in October 2012 by Krishna Narayanaswamy, Ravi Ithal, and Sanjay Beri. It is a software company that aids organisations to understand online activities, stop threats, respond to incidents, and protect data.
Netskope co-founder and CEO Sanjay Beri stated that since it was initiated, the startup intends to guide companies through their digital transformation by searching for what things are more valuable to them.
“What we had before in the market didn’t work for that world. The theory is that digital transformation is inevitable, so our vision is to transform that market so people could do that, and that is what we are building nearly a decade later.” – he added.
“The reality is we could have raised $1 billion, but we don’t need more capital,” he added. “However, having a continued strong balance sheet isn’t a bad thing. We are fortunate to be in that situation, and our destination is to be the most impactful cybersecurity company in the world.”
Netskope is gathering this sort of funding, the next step of the company will become a public company. Sanjay claims that Netskope can become a public company now, although currently it doesn’t have to do it for traditional reasons like marketing and raising capital.
“Going public is one day on our path, but you probably won’t see us raise another private round,” he added.
