Venafi raises $100m in TCV led round

Identity protection start-up Venafi has raised $100m in funding round led by TCV.

Venafi’s cybersecurity platform provides automated protection for the machine entities used by companies for secure communication. The Venafi’s platform can secure communication and authentication across all machine identity types, including SSL/TLS, SSH, IoT and mobile.

TCV was joined in the round by fellow tech investors QuestMark Partners and NextEquity Partners.

While part of the investment is set to drive growth at the company, $12.5m of the funding will be used for third-party developers participating in first tranche of its Machine Identity Protection Development Fund.

Venafi created the fund to accelerate the integration of machine identity intelligence into a wide range of machines in the business.

“Identity is the foundation of security,” said Jeff Hudson, CEO of Venafi. “The cyber world is made up of machines, and all machines require identities for the cyber world to be secure.

“TCV has a long history of partnering with the world’s leading technology firms, so we’re very excited about the opportunity to work with them.

“Their investment and expertise will help us ensure that the world’s machines, including hardware and software from smart machines, virtual servers, applications, containers, and more, are connected, safe and secure.”

Earlier this year TCV promoted long-serving software, fintech and IT exec Nari Ansari to general partner. The firm is believed to be in the market for up to $2.5bn of new capital through its tenth flagship fundraise, according to a report by the WSJ earlier this year.

TVC’s portfolio also counts accounting-software services Avalara, FinancialForce and Payoneer among its portfolio.

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