Netskope, a specialist in Secure Access Service Edge (SASE), has announced that the company has closed a new $300 million investment round led by existing investor ICONIQ Growth. Also participating in this latest funding round were all other major existing Netskope investors, including Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures, and Geodesic Capital. Following this significantly oversubscribed investment round, Netskope has achieved a post-money valuation of $7.5 billion.
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 total addressable market by 2024, with cloud security CAGR growth estimated to exceed 30% over the next several years. 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 is increasing at an alarming rate. 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 delivers a comprehensive, 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, the world’s fastest-growing and most-connected private cloud, which enables fast and secure access from any location to data, applications, and websites wherever they reside.
“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,” said Sanjay Beri, CEO and co-founder of Netskope. “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.”