Verkada: $205 Million Funding And $3.2 Billion Valuation

By Dan Anderson ● Sep 30, 2022
  • Verkada recently announced it raised $205 million in funding. These are the details.

Verkada recently announced it raised $205 million in funding. 

Funding amount: $205 million

Funding round: Series D

Valuation: $3.2 billion

Investors: Led by Linse Capital with participation from MSD Partners, L.P., and existing investors, including Felicis Ventures, Next47, Sequoia Capital, Meritech Capital, and First Round Capital. 

Total funding raised so far: Over $360 million

What Verkada does: Designed with simplicity in mind, Verkada’s six product lines — video security cameras, door-based access control, environmental sensors, alarms, guest, and mailroom management — provide unparalleled visibility through a single cloud-based software platform. Today, the platform is trusted by more than 13,000 organizations worldwide, including more than three dozen companies in the Fortune 500.

What the funding will be used for: Verkada will use the funding to fulfill its mission to build the operating system for the physical world – specifically by enhancing its existing offerings, developing new product lines, hiring across all functions, and continuing its geographic expansion.

Metrics: Driven by customer demand for Verkada’s solutions, the company has maintained a strong growth trajectory. Since its last fundraise in January 2020, Verkada has both quadrupled its customer count and its team size, and opened six new offices. In the last twelve months, Verkada grew its team by 68%, opened three new offices, and nearly doubled total revenue year-over-year.

KEY QUOTES:

“We founded Verkada in 2016 with the vision to modernize the world of physical security – one of the last industries to experience a migration from on-premise solutions to cloud-based software. We started with security cameras and an intuitive cloud-based platform, and in just six years, we’ve expanded to include five additional product lines that help enterprises to protect and manage their people and assets. This latest commitment of capital is further validation from investors that we are well positioned to capture the opportunity that lies ahead.”

— Filip Kaliszan, Co-Founder and CEO of Verkada

“Verkada has already made impressive strides in responsibly building a long-term, diversified business with numerous product lines, supporting thousands of customers across various industries. In the face of a challenging broader market environment, we see Verkada as a shining example of a business positioned to stay on its rapid growth trajectory, and we’re looking forward to supporting the team as they provide real value for Verkada’s end customers.”

— Bastiaan Janmaat, Managing Director at Linse Capital

“The need for businesses to secure and manage their people and physical assets via technology with scale and speed – today, a $100 billion addressable market opportunity – is mission critical and continues to increase. Verkada has achieved remarkable growth as it captures this market, reflecting both its compelling suite of security products and the quality of the team driving the company forward. We are proud to partner with Filip and the Verkada team as they redefine the ways that organizations protect and manage their physical operations.”

— Victor Hwang, Managing Director and co-Head of MSD Growth