Cloud security company Netskope on Thursday announced that it has raised $340 million in a Series G funding round, valuing the firm at nearly $3 billion.
This funding round, which brings the total raised by the company to over $740 million, was led by new investor Sequoia Capital Global Equities, with participation from Canada Pension Plan Investment Board, PSP Investments, Lightspeed Venture Partners, Accel, Base Partners, ICONIQ Capital, Sapphire Ventures, Geodesic Capital and Social Capital.
“We’ll use this investment to continue to execute on our plan to dominate the largest market in security and accelerate global security transformation by innovating our platform and network and product set, and advancing our efforts to make our sales, marketing and post-sale efforts industry best,” Sanjay Beri, CEO and founder of Netskope, told SecurityWeek.
Netskope offers a cloud security platform designed to help organizations manage risk, protect data, and block threats by providing full visibility and control, data loss prevention (DLP), and threat protection capabilities for their web, SaaS, and IaaS assets.
The company, which achieved unicorn status in 2018 after it raised over $168 million in a Series F funding round, claims it saw an 80 percent year-over-year growth in number of customers last year, including a quarter of Fortune 100 organizations.
Netskope also says its employee headcount increased by nearly 50 percent in the last year, and it expanded operations to Australia, Germany, Italy, Spain, Singapore, Mexico, Brazil, Chile and Colombia.
“Netskope has become the unrivaled leader driving innovation across cloud, data and network security, which makes up the largest part of today’s security market,” said Patrick Fu, managing partner at Sequoia Capital Global Equities. “Netskope is raising the bar for game changers who are successfully pushing beyond the limitations of existing technology to reshape a market. Sanjay and the entire Netskope team are on an incredible trajectory, and we are thrilled to partner with this talented team for the long term.”