Funding round
Netskope Growth
Reported as "Growth Equity"
Netskope, which works in security and networking solutions development in Santa Clara, raised $340M in a Growth round announced on 6 Feb 2020, led by Sequoia Capital, at a $3.00B post-money valuation. 10 firms took part, 7 of them already investors. It is Netskope's seventh venture round on record; the one before was a Series F in Nov 2018.
$340M
Amount raised
$3.00B
Post-money valuation
10
Investors
1 lead
3.0x
Step-up from the Series F
$1.00B in Nov 2018
11%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Netskope at $3.00B after the new money, 3.0 times the $1.00B of its Series F (Nov 2018). The $340M bought investors about 11% of the company. It came 15 months after Netskope's Series F. It is 33% of the $1.04B Netskope has raised in the venture rounds on record. Netskope raised again 17 months later: a Growth round of $300M in Jul 2021, at $7.50B post-money.
Netskope's funding rounds
Netskope has 8 venture rounds on record and 1 other deal. This one is highlighted.
- Seed 1 Jan 2013, led by Social Capital $5.5M
- Series B 1 Jan 2013 $16M
- Series C 15 May 2014, led by Accel $35M$200M post-money
- Series D 3 Sep 2015, led by Iconiq Capital $75M
- Series E 6 Jun 2017, led by Lightspeed Venture Partners and Accel $100M
- Series F 13 Nov 2018, led by Lightspeed Venture Partners $169M$1.00B post-money
- Growth this round 6 Feb 2020, led by Sequoia Capital $340M$3.00B post-money
- Growth 9 Jul 2021, led by ICONIQ Growth $300M$7.50B post-money
- Debt not a venture round 5 Jan 2023, led by Morgan Stanley $401M
Investors
Who put money in
Sequoia Capital led the round with 9 other firms. Lightspeed Venture Partners, Accel, Base Partners and ICONIQ Capital and 3 more had backed Netskope before.
Lead investor
- Sequoia Capital backs 589 venture-backed companies new investor
Also in the round
- Canada Pension Plan Investment Board new investor
- backs 12 venture-backed companies new investor
- Lightspeed Venture Partners backs 454 venture-backed companies existing investor
- Accel backs 581 venture-backed companies existing investor
- backs 15 venture-backed companies existing investor
- ICONIQ Capital existing investor
- Sapphire Ventures backs 148 venture-backed companies existing investor
- Geodesic Capital backs 45 venture-backed companies existing investor
- Social Capital backs 94 venture-backed companies existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
238 Growth rounds in Tech Companies within a year either side disclosed an amount; the median was $42M, and this round was 8.0 times the median. The closest in time, other companies' Growth rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 5 Feb 2020 | $100M | not disclosed | GV |
| Tech Companies | 12 Feb 2020 | $80M | $800M | ABN AMRO Ventures and DXC Technology |
| Tech Companies | 24 Feb 2020 | $80M | not disclosed | Salesforce Ventures and Silver Lake |
| Tech Companies | 26 Feb 2020 | $50M | not disclosed | Siris Capital Group |
| Tech Companies | 1 Feb 2020 | $40M | $500M | Dawn Capital |
| Ramp Tech Companies | 12 Feb 2020 | $25M | not disclosed | not named |
| Tech Companies | 5 Feb 2020 | $16M | not disclosed | Intel Capital |
| Tech Companies | 18 Feb 2020 | undisclosed | $107M | not named |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did Netskope raise in its Growth round?
Netskope raised $340M in its Growth round, announced in Feb 2020.
Who led Netskope's Growth round?
Sequoia Capital led it, with Canada Pension Plan Investment Board, PSP Investments, Lightspeed Venture Partners, Accel and Base Partners and 4 more.
What was Netskope's valuation at the Growth round?
$3.00B post-money.
How does it compare with other Growth rounds in Tech Companies?
238 Growth rounds in Tech Companies within a year either side disclosed an amount; the median was $42M, and this round was 8.0 times the median.
Did Netskope raise again after this round?
Yes: a Growth round in Jul 2021 of $300M at $7.50B post-money.