Netskope nears $3bn valuation after latest funding round

Netskope, a cloud security service provider has closed its funding round on $340m in its funding round, putting its valuation to nearly $3bn.

Sequoia Capital Global Equities led the round and marked its first investment into Netskope. Other first-time backers to join the round include Canada Pension Plan Investment Board and PSP Investments participated.

All of Netskope’s former investors contributed to the latest equity raise. This includes Lightspeed Venture Partners, Accel, Base Partners, ICONIQ Capital, Sapphire Ventures, Geodesic Capital and Social Capital.

The Netskope Security Cloud provides businesses with a real-time data and threat protection for their cloud services, websites and private apps.

The company achieved an 80% growth year-over-year in customer numbers last year and extended its team by around 50%.

It also opened new offices in Paris, São Paulo, Seattle, New York, St. Louis, San Francisco, Tokyo and a new headquarters in Santa Clara. Furthermore, it launched operations in Australia, Singapore, Chile, Colombia, Brazil, Mexico, Italy, Spain and Germany.

Sequoia Capital Global Equities managing partner Patrick Fu said, “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.

“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.”

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