Netskope is a Santa Clara, CA-based Secure Access Service Edge (SASE) company that provides cloud, data, and network security. Led by CEO Sanjay Beri, the company's platform applies zero trust principles to protect data and offers optimized access and real-time security for people, devices, and data anywhere they go. Netskope's platform gives customers visibility into cloud, web, and private application activity to reduce risk and accelerate performance. The company increased its customer base to more than 2,400 customers worldwide, including over 25 of the Fortune 100, across multiple verticals including financial services, healthcare, retail, telecommunications, manufacturing, government, and high tech. Netskope raised $401M in funding in a round led by Morgan Stanley Tactical Value with participation from Goldman Sachs Asset Management, Ontario Teachers' Pension Plan, and CPP Investments. It plans to use the funds to extend its technology and platform advantages through continued worldwide platform development and expansion of strategic go-to-market activities. Netskope is a cloud security platform built around Secure Access Service Edge (SASE) architecture to help companies locate and protect sensitive data as they undergo digital transformation. Founded in 2012 and based in Santa Clara, the company says it has built the largest cloud network that is 15 milliseconds from anyone in the world. Netskope plans to invest the new funds into continued R&D, expanding its platform, and scaling its go-to-market strategy to meet demand in a market it estimates will be valued at $30 billion by 2024. The company reported strong hypergrowth and over the past year surpassed the market average annual growth of 50%. Financially, Netskope completed an oversubscribed $300M insider investment at a $7.5B post-money valuation, bringing total capital raised to just over $1 billion. CEO Sanjay Beri said the company could be public someday and indicated they probably will not raise another private round, while maintaining a strong balance sheet. Netskope builds cloud-delivered security and real-time protection for cloud services, websites, and private apps accessed from anywhere and any device, focusing on SASE and cloud security. The company eschewed traditional perimeter security when it launched and has positioned itself around cloud and mobile security products. Netskope reports 80% year-over-year growth and says it is the fastest-growing company at scale in its market areas. Management says it did not need the new capital but accepted it to strengthen the balance sheet and secure long-term backing from prominent investors. An IPO is described as a possible milestone but the company is not in a rush and is not commenting on timing. According to Crunchbase data cited in the article, the company has raised more than $740 million to date. Netskope offers a cloud security platform that creates a cloud-based oversight layer to monitor transactions between users and applications in real time. The platform can see thousands of apps and millions of web pages, provide a dashboard for security and IT teams, and enforce policies to limit usage and warn about risky behavior. Netskope has extended visibility to cloud service providers through acquisitions such as Shift, enabling monitoring of environments like AWS. The product targets risks from employees using a mix of company-issued and personal devices and apps. The company plans to use new capital to grow the business, expand R&D, and add more global data centers. Financially, Netskope raised a $168.7M Series F and its valuation is now over $1 billion, bringing total capital raised to just over $400M. Netskope provides a cloud-access security broker platform that lets IT teams track activity across specific apps and devices and enforce policy-driven protections. Its product is built around a “privacy by design” approach rather than indiscriminate traffic crawling, and the company holds roughly 100 patents. Netskope processes "tens of billions" of cloud transactions per day for customers including Toyota, Nvidia, Levi’s, Intercontinental Hotels, New York Life and several health organizations. The company says it is not yet profitable and is not disclosing revenues, but CEO Sanjay Beri said revenue and other metrics grew three-fold in the past year. Netskope intends to use the new funding to expand its team and customer base, and the CEO indicated this is likely to be its final venture round as the company plans to remain standalone and pursue an IPO path. Total capital raised to date is reported at $231.4 million.

Total raised

$1.4B

Funding rounds

8

Latest round

Equity

Latest activity

Jan 2023