The cloud security startup Netskope has announced another successful funding round which has valued the company at more than double the previous funding round.
The new round puts a $7.5 billion valuation on the company, up from nearly $3 billion in the previous one in February 2020. According to the announcement on Friday, the startup currently has raised $300 million in total.
ICONIQ Growth led the most recent round, and other investors including Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures, and Geodesic Capital participated.
Netskope provides secure access to apps, data, and the Internet for companies. Its top two customer segments are the financial services and healthcare industries.
Netskope is set to expand with its new money. In addition to making acquisitions in the past, the firm also wants to reach a workforce of nearly 1,700 by the end of the year from 1,400.
As the COVID19 pandemic forced businesses to allow their employees to work remotely, the cybersecurity company’s business grew, as the need for digital security rose.
Sanjay Beri, co-founder, and CEO of the company revealed that the startup’s sales grew above 50% over the past year and was used by roughly 30 of the Fortune 100.
It looks like investors are pouring record amounts of money into cybersecurity startups. CBInsights reported venture capital dollars flowing to the industry grew to $12.5 billion in the first half of this year, exceeding the entire amount raised in all of 2020.
A recent high-profile hacking of meat producer JBS and a separate one of the large oil pipeline Colonial Pipeline have emphasized the need for more cybersecurity protection for all businesses.
According to ICONIQ Capital Partner Ben Bernstein, companies are increasingly moving their operations onto the cloud, therefore, that requires higher security and data protection of the sort provided by Netskope amid the increase of remote work.