Venture Capital: Cloud Security Startup Wiz Nabs $300M Series D Financing

February 28, 2023 | News, Venture Capital

Wiz commanded a valuation of $10 billion in the funding round. It has become the world’s largest cybersecurity unicorn and fastest SaaS company to reach a 10B valuation.

Wiz, a cloud security provider, has raised $300 million in a recent funding round, led by Lightspeed Venture Partners and supported by Greenoaks Capital Partners and Index Ventures. Its latest valuation is now $10 billion, making it the largest cybersecurity unicorn globally and the fastest SaaS company to reach such a valuation.

More than 35% of Fortune 100 companies use Wiz’ services, such as BMW and Morgan Stanley, along with Salesforce, Slack, Colgate, and Blackstone. (CISION PR Newswire)

G2, the world’s largest software marketplace, also named Wiz as the Best Security Product for 2023.

During 2022, the company expanded its cloud security platform by adding modules for container and Kubernetes security, data security posture management, and cloud detection and response.

This expansion has allowed organizations to consolidate their cloud security program into a single platform built specifically for the cloud.

Wiz plans to add more employees to their existing 650 employees in the US and globally and open three new offices in Austin, Dallas, and Washington, DC. The funding will also support Wiz’s global expansion in EMEA and APAC.

Since its founding in March 2020, Wiz has raised $900 million from investors, including Sequoia Capital, Insight Partners, Blackstone, and G Squared.

The startup is also backed by private investors and entrepreneurs such as Bernard Arnault, the world’s wealthiest individual, and Howard Schultz, Starbucks founder.

Patrick Backhouse, Partner at Greenoaks, said: “Wiz is rapidly becoming the center of the cloud security ecosystem. Just two years ago, securing the cloud environment meant relying on a scattered collection of point solutions and add-ons. But today, Wiz has built a comprehensive cloud-native platform that gives customers actionable insights within minutes, showing them their areas of vulnerability, the risks they face, and how to resolve them.”

Related Story:  Cyber Security Firm Netskope Raises $401M From Top Notch Investors

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