Venture Capital: Lacework Raises $1.3B To Expand Its Cloud Security Offerings

November 18, 2021 | Latest News, News, Venture Capital

Lacework secured a valuation of $8.3 billion in the latest funding.

Lacework, the cloud security platform, announced today the largest funding round in the history of the security industry. The six-year-old startup’s $1.3 billion Series D round was led by existing investors Sutter Hill Ventures, Altimeter Capital, D1 Capital Partners, and Tiger Global Management with participation from new investors including Counterpoint Global (Morgan Stanley), Durable Capital, Franklin Templeton, General Catalyst, and XN. Coatue, Dragoneer, Liberty Global Ventures, and Snowflake Ventures, all existing investors, also participated. (ZDNet)

The company had raised $525 million at a valuation of $1 billion at the start of the year.

Massive growth

Lacework has been growing revenues at over 300% year-on-year, increasing its customer base 3.5X year-on-year, and employee growth more than 300% year-on-year.

“Our growth over the last 36 months reflects the pain many businesses endure as they attempt to navigate the cloud using security products that simply aren’t designed for it. This investment, and the partnership of these long-term investors, will help us realize Lacework’s promise of becoming the most trusted cloud security platform,” said David Hatfield and Jay Parikh, Co-CEOs, Lacework.

The startup will use the new funds to further scale up its business across the globe, boosting its product innovation, and making strategic acquisitions. Also on the agenda are more hires and to scale go-to-market strategies.

Lacework acquired Soluble, a cloud infrastructure company, earlier this month for an undisclosed amount.

In an interview with Reuters, Hatfield said Lacework was assessing different options for an IPO, including a traditional IPO or a direct listing. However, it has not finalized a time frame for the IPO.

Related Story: Massive $500M+ Rounds From Snyk And Varo Bank

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