Zero trust application protection company TrueFort closed a $30m Series B round of financing led by Shasta Ventures with the participation of Canaan, Evolution Equity Partners, Lytical Ventures and Emerald Development Managers.
As part of the financing round, Nitin Chopra, Managing Director at Shasta Ventures, is joining the company’s board of directors. The financing will support hiring across the company, expanded go-to-market activities and multiple R&D initiatives, including offerings that help enterprises better manage their application risk posture.
The company previously raised $13.7m in Series A funding in 2019. The latest investment brings the total raised to almost $48m.
Founded in 2015, the company was launched by Malhotra and his partner Nazario Parsacala, both of whom spent more than 20 years working at big financial services companies — Goldman Sachs and JP Morgan.
The escalating supply chain and phishing attacks today show that there are still significant gaps in security coverage and TrueFort aims to fill this void, offering Zero Trust protection for enterprise applications and workloads that are the gateway to sensitive data and, increasingly, the target of attackers. The company’s “Fortress” platform leverages behavioural analysis to understand how applications and workloads should and should not behave, and uses this visibility to reduce a company’s attack surface and block attacks in real-time.
Commenting on the funding, TrueFort CEO Sameer Malhotra said, “TrueFort addresses an unmet need for protecting modern applications and workloads with a purpose-built solution for enterprise security teams. This new financing provides the resources we need to grow our footprint in existing markets, expand into new markets and support the accelerating adoption of our solution. We are pleased to welcome Nitin Chopra to the board, whose experience helping to grow leading security startups will be a valuable asset.”
“TrueFort is addressing a gaping blindspot in enterprise security by focusing on applications and using them to reduce a company’s attack surface and prevent data breaches,” said Nitin Chopra, Managing Director at Shasta Ventures. “Customers see immediate value in understanding how applications should and should not behave, so they can implement a Zero Trust approach that significantly reduces business risk and prevents threats from becoming major security incidents.”
TrueFort is coming off a strong year of market demand. The company experienced year-over-year bookings growth of 650% and a 260% growth in ARR.
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