Netskope raises USD 401 million in an oversubscribed funding round

The largest share of funds in the convertible note investment round came from Morgan Stanley Tactical Value, while Goldman Sachs Asset Management, Ontario Teachers’ Pension Plan, and CPP Investments provided additional support. Netskope wants to use the funds to improve its technological capabilities while supporting its strategic go-to-market activity expansion. Expanding market reach is also on Netskope’s to-do list. 

Netskope representatives cited by fintech.global highlighted the company’s vision, according to which traditional network and security perimeters would eventually transform as users, data, and devices move outside the confines of corporate network perimeters. According to the same source, this kind of shift mandates a new approach to security, and the company’s SASE platform is well up to the task. 

Netskope works with customers from various verticals such as retail, healthcare, financial services, telecommunications, manufacturing, government, and high tech. Over the past year, the company has increased its corporate presence and entered several go-to-market partnerships with entities such as Orange, Deloitte, Telefonica, KPN, AWS, Google Cloud, CrowdStrike, Mimecast, and Okta. 

Morgan Stanley representatives cited by fintech.global highlighted Netskope’s robust platform, monetisation potential, large global customer base, and defensible market leadership. The company reached a valuation of USD 7.5 billion in 2021 following a USD 300 million investment from ICONIQ Growth. 

Also participating in that funding round were all other major existing Netskope investors, including Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures, and Geodesic Capital.

More information about Netskope’s Security Cloud

Netskope’s Security Cloud provides a cloud-native SASE platform of technologies that offer enterprise digital transformation and secure remote connectivity using integrated Zero Trust Network Access (ZTNA), Secure Web Gateway (SWG), and Cloud Access Security Broker (CASB) capabilities. 

Netskope’s cloud-native SASE architecture also comprises NewEdge, which is a security private cloud that powers the real-time, inline security services of the Netskope Security Cloud.

In December 2022, Netskope unveiled that Cloud Exchange, a security and telemetry sharing solution is available as a managed service, offering organisations more ways to provision, deploy, and manage the platform. With this release, companies could benefit from seamless access to Netskope telemetry, external threat intelligence, and risk score sharing across existing security investments to stop cloud threats sooner.

The company also announced a significant expansion of the solution's Cloud Risk Exchange (CRE) module with the ability to share application risk scores and insights with key technology partners BitSight, SecurityScorecard, and ServiceNow.