Netskope: $300 Million Funding And $7.5 Billion Valuation

By Noah Long ● July 11, 2021
  • Netskope announced that it closed a new $300 million investment round led by existing investor ICONIQ Growth. These are the details.

Netskope announced that it closed a new $300 million investment round led by existing investor ICONIQ Growth. And all other major existing Netskope investors, including Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures, and Geodesic Capital also participated in this round. Following this significantly oversubscribed funding round, Netskope has achieved a post-money valuation of $7.5 billion.

The continued investment in Netskope from premier investors further validates the company’s exceptional team, vision, track record of strong global execution, and opportunity to continue its rapid gaining of share in the fast-growing CAGR market which analysts estimate to be a $30 billion TAM by 2024 with cloud security CAGR growth estimated to exceed 30% over the next few years. And Netskope will continue to aggressively expand both its platform and go-to market amidst its hypergrowth to meet the strong demand for its market-leading Secure Access Service Edge (SASE) architecture.

Cybercrime has been increasing at an alarming rate. And as enterprises transform their legacy IT infrastructure and move applications and data to the cloud, security needs to transform as well. 

Netskope’s Security Cloud offers a comprehensive and cloud-native SASE platform of technologies that enable secure enterprise digital transformation and secure remote connectivity using integrated Zero Trust Network Access (ZTNA), Secure Web Gateway (SWG), and Cloud Access Security Broker (CASB) capabilities. Netskope’s cloud-native SASE architecture also includes NewEdge, which is the world’s fastest-growing and most-connected private cloud, enabling fast and secure access from any location to data, applications, and websites wherever they reside.

KEY QUOTES:

“We started Netskope because we saw a cloud-centric, digital-first future of business that simply can’t be achieved using legacy approaches to security and networking. We were SASE before the term SASE existed and today we are seeing our vision manifest across the globe as enterprises increasingly turn to Netskope to enable secure digital transformation. 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, CEO and co-founder of Netskope

“Digital transformation doesn’t happen without network transformation and security transformation, and we believe that’s where Netskope delivers like no other provider. 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