Netskope closes $US75m funding round led by Iconiq Capital

Netskope closes $US75m funding round led by Iconiq Capital

New investment will help company accelerate rapid adoption of Cloud services across the enterprise

Netskope closes $US75m funding round led by Iconiq Capital

Netskope closes $US75m funding round led by Iconiq Capital

Cloud access security broker, Netskope, has closed a $US75 million Series D funding round led by Iconiq Capital. The existing investors – Accel Partners, Lightspeed Venture Partners and the Social + Capital Partnership – also participated in the round.

According to the company, the new capital will be used to expand sales, marketing, customer success, engineering and research operations worldwide. The new round brings Netskope’s total amount of funding raised to more than $US130 million.

Netskope co-founder and CEO, Sanjay Beri, said the move is further validation that ensuring secure usage of Cloud services is one of the single greatest concerns for CIOs and CISOs today.

“We founded Netskope on the premise that rapid development and adoption of Cloud apps and services would bring about a new security conundrum for IT that simply couldn’t be addressed by existing tools built for on-premises apps or generic websites.

“The explosive growth we’re experiencing is evidence that organisations need a solution that enables them to mitigate risk, prevent data loss, and govern usage in Cloud apps beyond simply ‘allowing’ or ‘blocking’ the apps.

“We’re delighted that Iconiq has joined our team, and this investment will fuel our continuing efforts to help our customers safely migrate to and leverage the Cloud,” Beri said.

Netskope Asia-Pacific regional sales director, Yu Jing Cheng, said the investment will also help fuel the company’s growth in the Asia-Pacific region. He said it will continue investing in building out Netskope’s global Cloud through new datacentres across Asia-Pacific and Europe to meet growing demand.

“From expanding our datacentre footprint to growing our sales, marketing and relationship with the channel, we see customers around the globe moving beyond shining a light on shadow IT to the safe enablement of sanctioned and unsanctioned cloud apps in every corner of their business. It’s an exciting time to be a Cloud access security broker,” he added.

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