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Netskope Attracts $300 Million in Additional Investment, Elevating Valuation to $7.5 BillionSANTA CLARA, Calif., July 9, 2021 /PRNewswire/ -- Netskope, the SASE leader, today announced that the company has closed a new $300 million investment round led by existing investor ICONIQ Growth. Also participating in this latest funding round were all other major existing Netskope investors, including Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures, and Geodesic Capital. Following this significantly oversubscribed investment round, Netskope has achieved a post-money valuation of $7.5 billion. Continued investment in Netskope from premier investors further validates the company's exceptional team, vision, track record of strong global execution, and opportunity to continue its rapid gaining of share in the fast-growing CAGR market which analysts estimate to be a $30 billion total addressable market by 2024, with cloud security CAGR growth estimated to exceed 30% over the next several years. Netskope will continue to aggressively expand both its platform and go-to market amidst its hypergrowth to meet the strong demand for its market-leading Secure Access Service Edge (SASE) architecture. Cybercrime is increasing at an alarming rate. As enterprises transform their legacy IT infrastructure and move applications and data to the cloud, security needs to transform as well. Netskope's Security Cloud delivers a comprehensive, cloud-native SASE platform of technologies that enable secure enterprise digital transformation and secure remote connectivity using integrated Zero Trust Network Access (ZTNA), Secure Web Gateway (SWG), and Cloud Access Security Broker (CASB) capabilities. Netskope's cloud-native SASE architecture also includes NewEdge, the world's fastest-growing and most-connected private cloud, which enables fast and secure access from any location to data, applications, and websites wherever they reside. As Gartner notes in its 2021 Strategic Roadmap for SASE Convergence, "by 2024, 30% of enterprises will adopt cloud-delivered SWG, CASB, ZTNA, and branch office firewall-as-a-service capabilities from the same vendor, up from less than 5% in 2020." Netskope's approach to SASE and Zero Trust cloud architecture has seen rapid adoption by enterprises and governments all over the world, and has been repeatedly recognized as a leader by top analysts and customers, as evidenced in multiple, consecutive Gartner Magic Quadrant leadership citations and Gartner Peer Insight Customer Choice Awards for CASB and SWG. Today, among more than 1,500 worldwide customers, Netskope serves:
"We started Netskope because we saw a cloud-centric, digital-first future of business that simply can't be achieved using legacy approaches to security and networking," said Sanjay Beri, CEO and co-founder of Netskope. "We were SASE before the term SASE existed and today we are seeing our vision manifest across the globe as enterprises increasingly turn to Netskope to enable secure digital transformation. We are fortunate to have attracted a truly exceptional team and set of partners, customers and industry luminaries who support and bring tremendous value to us, and we are pleased to take another step forward with all of them in our journey." "Digita transformation doesn't happen without network transformation and security transformation, and we believe that's where Netskope delivers like no other provider," said Will Griffith, founding partner of ICONIQ Growth. "The demand for Netskope as part of a properly designed SASE architecture is very strong, and Sanjay and the entire Netskope team are seizing their moment. Netskope is pointing the way to where cloud, networking, security, and data protection are headed long-term. We deeply value our investment partnership with the company and are excited to expand it as we continue on this journey." This latest funding round joins a number of corporate momentum and product release highlights for Netskope in the past 18 months, including:
About Netskope Netskope, the SASE leader, safely and quickly connects users directly to the internet, any application, and their infrastructure from any device, on or off the network. With CASB, SWG, and ZTNA built natively in a single platform, the Netskope Security Cloud provides the most granular context, via patented technology, to enable conditional access and user awareness while enforcing zero trust principles across data protection and threat prevention everywhere. Unlike others who force tradeoffs between security and networking, Netskope's global security private cloud provides full compute capabilities at the edge. Netskope is fast everywhere, data centric, and cloud smart, all while enabling good digital citizenship and providing a lower total-cost-of-ownership. About ICONIQ Growth ICONIQ Growth partners with exceptional entrepreneurs and leaders who drive global impact and change. We are inspired by visionaries defining the future of their industries by building company cultures that endure. Our unique investment platform harnesses the power of ICONIQ Capital's vibrant ecosystem of founders, pioneers, and business leaders with the goal of delivering tangible value and amplifying our portfolio companies' success from early growth stage to IPO and beyond. ICONIQ Growth's portfolio of innovators includes Adyen, AirBnB, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro, Procore, Red Ventures, Relativity, ServiceTitan, Snowflake, Sprinklr, Truckstop, Uber, Wolt, and Zoom, among others. For more information and a complete list of portfolio companies, please visit ICONIQGrowth.com. Media Contact
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