Cloud security platform Menlo Security has closed its Series E round on $100m, bringing its enterprise valuation up to $800m.
Technology-focused investment firm Vista Equity Partners led the round, with support also coming from Neuberger Berman funds, General Catalyst, JP Morgan and other existing investors.
Funds from the round will enable the RegTech platform to further its market expansion and capitalise on go-to-market strategies. It will also use the funds to increase the investment into engineering to boost its product delivery and category expansion.
Menlo Security safeguards organisations from cyberattacks by stopping threats of malware, whether that is via the web, documents or email. The cloud-based isolation platform scales to offer continued protection for a business of any size, without needing endpoint software or hindering user experiences.
The Covid-19 pandemic has enabled the cybersecurity company to see impressive growth over the year. It claims to have had 155% ARR growth and more than a 100% increase to average deal size year to date.
It attributes this growth to the fact businesses have had to embrace remote working and this has required security measures to be out in place to maintain optimal security.
Vista Equity Partners managing director Ryan Atlas said, “In today’s dynamic threat landscape with the rapid growth in connected devices, simultaneous de-centralized network structures, and the widespread embrace of SaaS and cloud-based applications, providing a safe internet experience is more important and challenging than ever before.
“Menlo Security has taken a unique approach with Isolation technology at its core that is able to completely neutralize all critical attack vectors of Web and email. We are thrilled to partner with Amir and the team to build on Menlo Security’s tremendous momentum and help catapult the company into their next phase of growth.”
The cybersecurity company previously raised $75m for its Series D round in 2019. JP Morgan led the round, with other investors including General Catalyst, Sutter Hill Ventures and Osage University Partners.
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