Cloud security platform Netskope raises $300 million on $7.5 billion valuation

In a funding round led by ICONIQ Growth, the Secure Access Service Edge architecture focused cloud security platform Netskope more than doubled its valuation to reach $7.5 billion, after raising $300 million.

Other investors in the funding round included Accel, Sequoia Capital Global Equities, Base Partners and Sapphire Ventures.

With damaging cybercrime making the news every week, businesses are increasingly looking to firms, like Netskope, to help ensure vital data is held as safe as possible. As the migration to cloud services continues, so too will the hackers seeking ways to target businesses and the sensitive data they store. According to Netskope, cloud security is forecast to record CAGR growth of more than 30% over the next several years.

Demand from firms in all sectors for cloud security solutions is rising, with more than 30 of the Fortune 100 using services provided by Netskope, as well as five of the world’s seven largest healthcare providers.

Netskope protects sensitive data held in a range of locations, namely Amazon Web Services, Microsoft Azure and Google’s Cloud platform. Sanjay Beri, CEO and co-founder of Netskope, says he founded Netskope as he saw how businesses looking forward to a cloud-centric, digital-first future simply can’t thrive using legacy approaches to security and networking.

“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,” said Beri in a press release announcing the investment.