Netskope announced on Friday that the company closed a new $300 million investment round led by existing investor ICONIQ Growth. Major existing Netskope investors such as Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures and Geodesic Capital also participated in this funding. The SASE company now has a post-money valuation of $7.5 billion.
"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," commented Sanjay Beri, Netskope’s CEO and co-founder.
"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,” added Beri.
The successful investment round illustrates the company's notable 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.
The company intends to aggressively expand its platform and go-to-market during its hypergrowth to meet the high demand for its market-leading Secure Access Service Edge (SASE) architecture.
Netskope's Security Cloud provides a comprehensive, cloud-native SASE platform that enables secure enterprise digital transformation and secure remote connectivity through integrated zero-trust network access, secure web gateway and cloud access security broker capabilities.
"Digital transformation doesn't happen without network transformation and security transformation, and we believe that's where Netskope delivers like no other provider. 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," stated Will Griffith, ICONIQ Growth founding partner.