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Island Secures $175M in Growth Funding, Led by Coatue and Sequoia; Company Valuation Doubles to $3 BillionIsland, the pioneer and category leader in enterprise browsers, today announced its $175 million Series D financing. The new funding round brings Island's valuation to $3 billion, doubling the last valuation from less than a year ago. The round was led by new investor Coatue and existing investor Sequoia Capital, with additional funding from other existing investors. Island has raised $487 million in outside investment to date, including a strategic investment from Capital One Ventures, based on its unique value proposition and category momentum in the fast-growing enterprise browser market. Island pioneered the category with its product launch in February 2022, coming out of stealth after two years of technology development, led by co-founders Mike Fey (chief executive officer) and Dan Amiga (chief technology officer). Island has now gained significant traction with large and small enterprises across all major industries, including several Fortune 100 customers. The Island Enterprise Browser reimagines how work can be managed in the enterprise, where everything the enterprise needs - advanced security, IT and network controls, data protections, application access and advanced productivity features - is naturally embedded into the browsing experience users expect. The benefits are significant for business leaders, IT security leaders and end users alike - providing secure access and enhanced productivity via any device, any location and any network, while significantly reducing software and operational costs. In a recent report on the category, Gartner® predicted: "By 2030, enterprise browsers will be the core platform for delivering workforce productivity and security software on managed and unmanaged devices for a seamless hybrid work experience."* "We believe Island has built a product that meets the needs of CIOs, CISOs and end users all at the same time - and has delivered tremendous ROI across multiple verticals," said David Schneider, general partner at Coatue. "Island's continued customer traction demonstrates that the team has potential to execute, grow and innovate at scale. Coatue is excited to join Island on their journey as they seek to redefine the enterprise browser." "Island is now an established leader in one of the most exciting new categories in cybersecurity and enterprise software," said Doug Leone, partner at Sequoia. "Since partnering at the Series A, we've seen first-hand how Island delivers value and empowers customers, working collaboratively with them to drive adoption and spur innovation across multiple use cases." "Enterprises require advanced security and productivity features that consumer browsers were never built to deliver," said Fey. "We knew this would address critical pain points, but we've been thrilled at how quickly customers have adopted Island at scale - from major hotel chains and leading banks to national retailers and smaller enterprises. We're fortunate to have these dynamic companies as our design partners, and this new funding will enable us to invest more in R&D and customer success globally." The Island Enterprise Browser The Island Enterprise Browser is the desktop of the future, enabling organizations to protect users and data, reducing friction where they interact with SaaS and internal web applications. Using the Island Enterprise Browser, security teams fully control the last mile, from basic protections such as copy, paste, download, upload, and screenshot capture, to more advanced security demands such as data redaction, watermarking and multi-factor authentication insertion. This enables a growing number of enterprise use cases, including securing critical SaaS and internal web applications from data leakage, safe access for contractors and BYOD workers, and full governance over privileged user accounts. It also delivers a native user experience for hybrid workers in contrast to costly and poor-performing virtual desktop infrastructure (VDI), while supporting built-in safe browsing, web filtering, web isolation, exploit prevention, and zero-trust network access at much lower cost. About Island Island created the enterprise browser - embedding advanced security, IT and network controls, data protections and application access into the browsing experience users expect. Island is led by enterprise security and software technology veterans who are reimagining the future of work for the world's largest, most dynamic enterprises. Island is backed by top investors including Coatue Management, Insight Partners, Sequoia Capital, Cyberstarts, Stripes, Cisco Investments and Georgian. Island is based in Dallas with research and development in Tel Aviv and can be reached at [email protected] or (866) 832-7114. * Source: Gartner, Emerging Tech: Security - The Future of Enterprise Browsers, Dan Ayoub, Evgeny Mirolyubov, Max Taggett, Dave Messett, 14 April 2023 Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
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