The latest funding round for the cloud security startup was led by ICONIQ Growth with participation from Accel and Sequoia Capital Global Equities.
Netskope is a rising cybersecurity platform that competes in the SASE (Secure Access Service Edge) segment. Its services include helping employees securely log into work applications, blocking malicious websites as employees surf the web, and securing files to and from corporate accounts.
About the funding
The Netskope platform is already used by more than 1500 companies globally, including 30+ Fortune 100 organizations. So it’s no wonder that this round of funding was really an oversubscribed insider investment directed by ICONIQ Growth and joined by other investors.
The co-founder and CEO of Netskope, Sanjay Beri, firmly believes that what they’ve built is only made possible by cloud-centric, digital-first capabilities; legacy approaches to security simply won’t cut it anymore.
In this new round, Netskope continues to surpass expectations. The company raised $340 million last February for a valuation of almost $3 billion, and before that, they aced a $168 million round.
To date, Netskope has raised more than $1billion in funding.
The fact of the matter is that they could have raised all that in one go this time around, but the CEO believes they simply don’t require additional capital. He goes on to say that, “Having a continued strong balance sheet isn’t a bad thing. We are fortunate, and our destination is to be the most impactful cybersecurity company in the world.”
How does Netskope manage its platform?
Netskope simplifies operations by allowing its users to purchase these capabilities from one provider rather than three different companies. To deliver these capabilities, it uses NewEdge, a new cloud-based system that acts as an intermediary between employee devices and business applications.
The web traffic from an employee’s device to a company’s cloud service goes directly through NewEdge, where Netskope’s data protection and login management features carry out the relevant cybersecurity procedures to ensure the safe transfer of files.
Its platform is used by 20% of all commercial Office 365 traffic globally.