Latest Netskope Funding Round Nets $300 Million on $7.5 Billion Valuation

Netskope has raised $300 million in new funding, boosting the secure access service edge (SASE) provider’s valuation to $7.5 billion.

Existing investor ICONIQ Growth led the latest Netskope funding round. Also participating were all other major existing Netskope investors. They include Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures and Geodesic Capital.

The round is more than double the company’s valuation from 18 months ago. Netskope also said it’s more than two times the valuation of SentinelOne’s last private financing round in advance of last week’s record IPO.

Netskope’s Security Cloud delivers a cloud-native SASE platform of technologies. The company’s SASE architecture also includes NewEdge. The private cloud allows secure access from any location to data, applications and websites.

Netskope Funding to Benefit Partners

Sanjay Beri is Netskope’s CEO and co-founder.

Netskope’s Sanjay Beri

“Partners are critical to Netskope’s business and go-to-market strategy,” he said. “The new financing will help us continue to innovate in the crucial areas of SASE and zero trust, and continue to provide the marketing and technical support partners need to better service their customers as they look to secure their cloud and edge environments.”

Netskope serves more than 1,500 customers globally. That includes nearly one-third of the Fortune 100.

“Netskope is already a leader in the SASE market, one whose total addressable market value is estimated to be more than $30 billion and is growing at 50% annually,” Beri said. “The company with the right platform, right partners and right team to execute is going to dominate the market.”

Netskope will continue advancing its offerings for partners, from education to digital-first campaigns, he said.

“By embedding partners into everything we do, we accelerate value for Netskope, for the partners, and ultimately our customers,” Beri said.

Will Griffith is founding partner of ICONIQ Growth.

“Netskope is pointing the way to where cloud, networking, security and data protection are headed long-term,” he said.