Netskope closes $300 million funding round

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Netskope has closed a new US$300 million investment round led by existing investor ICONIQ Growth.

The investment more than doubled Netskope's value, which reached $7.5 billion following the funding round.

Also participating in the latest round were existing Netskope investors, including Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures, and Geodesic Capital.

“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.”

Netskope raised $340 million in February 2020, in a funding round led by Sequoia Capital Global Equities. That round also saw participation from new investors CPP Investment Board and PSP Investments participated, and existing investors  Lightspeed Venture Partners, Accel, Base Partners, Geodesic Capital, Iconiq Capital, Sapphire Ventures, and Social Capital.

The firm said at the time: "It humbles and thrills our entire team and myself to think that Netskope, the fastest-growing security company, has now achieved a valuation of nearly $3 billion.

Commenting on the latest round, Will Griffith, founding partner of ICONIQ Growth, added: “Digital transformation doesn’t happen without network transformation and security transformation, and we believe that’s where Netskope delivers like no other provider.

“The demand for Netskope as part of a properly designed SASE architecture is very strong, and Sanjay and the entire Netskope team are seizing their moment. 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.”