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Enterprise browser firm Island raises £139m investment at £2.3bn valuation

Written by Thu 2 May 2024

Enterprise browser maker, Island, has doubled its valuation from less than a year ago to reach £2.3 billion ($3 billion), in a Series D funding round led by Coatue and Sequoia Capital.

Founded by technology veterans Mike Fey and Dan Amiga, Island aims to offer a centrally managed web browser for security-conscious enterprises. Island has raised almost half a billion ($487 million) to date.

According to the General Partner at Coatue, David Schneider, Island meets the needs of CIOs, CISOs, and end users, attributed to the products’ strong return on investment across multiple verticals.

“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,” said Schneider.

At a time when the risks of falling victim to a cyber breach or attack are increasingly clear, Island said they provide users with a unique value proposition. Everything from high levels of security, data protections, and IT controls are included in the browser based on Chromium.

A number of Fortune 100 companies are now customers of Island, alongside many large and small firms in a range of industries. For Fey, CEO of Island, businesses require more advanced security features than consumer browsers can offer.

“We knew this would address critical pain points, but we have been thrilled at how quickly customers have adopted Island at scale, from major hotel chains and leading banks to national retailers and smaller enterprises,” said Fey.

With a recent report published by Gartner expecting enterprise browsers to be the core platform for ‘delivering workforce productivity and security software on managed and unmanaged devices for a seamless hybrid work experience’ by 2030, Island is well placed to capitalise on this trend.

Island intends to use this investment to fund new research and development activities and increase spending on customer success. Following this late-stage investment, it is possible Island will seek to go public or look for a buyer.

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Written by Thu 2 May 2024

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