Netskope raises $300M in additional funding, valuation rises to $7.5B

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Netskope has raised $300M in an additional round. The company’s total funding to date crossed $1B as per Crunchbase and valuation has increased to $7.5B post this round. It plans to use the fresh capital to expand its platform and go-to-market aspirations rapidly

Santa Clara-based Netskope, which helps organizations protect data, has announced the raise of $300 million in a venture round led by its existing investor ICONIQ Growth, which has shot up its post-money valuation to $7.5 billion.

In a statement to the press, Netskope stated that such investor interest validated its exceptional team vision, execution, and an opportunity to continue gaining share in a fast-growing market. It would use the proceeds from the fund to aggressively expand its platform and go-to-market strategy and meet the strong demand for its Secure Access Service Edge (SASE) architecture.

Sanjay Beri, co-founder and CEO of Netskope, stated that a cloud-centric, digital-first future of business could not be achieved using legacy approaches to security and networking. Noting that today, enterprises turned to Netskope to enable a secure digital transformation, Mr. Beri added,

We are fortunate to have attracted a truly exceptional team and set of partners, customers and industry luminaries who support and bring tremendous value to us, and we are pleased to take another step forward with all of them in our journey.

Sanjay Beri, co-founder and CEO of Netskope

The company had raised its Series G investment in February 2020, where it bagged $340 million from Sequoia Capital Global Equities. Its total funding to date has crossed $1 billion, as per Crunchbase. Other investors – Netskope investors, Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures and Geodesic Capital – participated in the latest round.

Netskope, founded in 2012, helps organizations understand online activities, protect their data against threats in cloud applications and cloud infrastructure. Today, it serves over 30 in the Fortune 100 and other major enterprises in various fields.

Commenting on the investment, Will Griffith, founding partner of ICONIQ Growth, stressed that digital transformation could not happen without security transformation, an area where Netskope’s services outshine others.

The demand for Netskope as part of a properly designed SASE architecture is very strong, and Sanjay and the entire Netskope team are seizing their moment. Netskope is pointing the way to where cloud, networking, security, and data protection are headed long-term. We deeply value our investment partnership with the company and are excited to expand it as we continue on this journey,

Will Griffith, founding partner of ICONIQ Growth
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