You always put in multiple layers of protection,” he says.Ĭurrently unprofitable, Netskope plans to expand quickly with its new money. “If you are a chief information security officer, it’s like an onion. Bernstein says he believes that there’s room for many players, especially if they have different approaches to cybersecurity.

Still, a rising cybersecurity tide lifts all boats, which raises questions as to how the company plans to compete against rivals such as Zscaler or McAfee, or vie for dollars against businesses with less overlap, but that also focus on digital security like SentinelOne. The pandemic, meanwhile, has increased remote work, strengthening the need for security and data protection of the sort provided by Netskope. And while some industries that use Netskope suffered from the economic fallout of the pandemic, the cybersecurity company’s business grew overall.įor ICONIQ Capital partner Ben Bernstein, the logic behind the investment is that companies are increasingly moving their operations onto the cloud. During the pandemic, Beri recalls having to rapidly move companies with thousands of workers online in just three weeks. Netskope’s top two customer segments for its products, which offer secure access to apps, data, and the Internet for workforces, are the financial services and health care industries. “Some of what I would call the more stodgy, large verticals who were stuck in their old ways accelerated and said…‘Wait, we need to transform not in four years, but now,’” Sanjay Beri, cofounder and CEO of Netskope, said about its growth over the past year. Founded in 2012, the company announced Friday that it had raised $300 million at a $7.5 billion valuation, up from the nearly $3 billion at which investors valued Netskope in February 2020.Įxisting investor ICONIQ Growth led the latest round, joined by Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures, and Geodesic Capital.

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