Funding round
NetSPI Growth
Reported as "Growth Equity"
NetSPI, which works in cybersecurity solutions development in Minneapolis, raised $90M in a Growth round announced on 12 May 2021, led by KKR. 3 firms took part, 1 of them already investors. It is NetSPI's first venture round on record.
$90M
Amount raised
Not disclosed
Post-money valuation
3
Investors
1 lead
Valuation
What this round says about the price
NetSPI did not disclose a valuation in this round. It is NetSPI's first venture round on record, 20 years after it was founded in 2001. It is 18% of the $500M NetSPI has raised in the venture rounds on record. NetSPI raised again 17 months later: a Growth round of $410M in Oct 2022.
NetSPI's funding rounds
NetSPI has 2 venture rounds on record. This one is highlighted.
- Growth this round 12 May 2021, led by KKR $90M
- Growth 5 Oct 2022, led by KKR $410M
Investors
Who put money in
KKR led the round with 2 other firms. Sunstone Partners had backed NetSPI before.
Lead investor
- KKR backs 104 venture-backed companies new investor
Also in the round
- backs 45 venture-backed companies new investor
- backs 5 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
399 Growth rounds in Tech Companies within a year either side disclosed an amount; the median was $60M, and this round was 1.5 times the median. The closest in time, other companies' Growth rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 11 May 2021 | $383M | not disclosed | Turn/River |
| Tech Companies | 13 May 2021 | $290M | not disclosed | Insight Partners |
| Tech Companies | 6 May 2021 | $277M | $2.10B | Summit Partners and ICONIQ Growth |
| Tech Companies | 4 May 2021 | $250M | $2.50B | CVC |
| Tech Companies | 13 May 2021 | $150M | $1.00B | not named |
| Tech Companies | 25 May 2021 | $120M | $1.70B | Salesforce Ventures |
| Tech Companies | 27 May 2021 | $99M | not disclosed | Lugard Road Capital and Nicola Wealth |
| Tech Companies | 31 May 2021 | $97M | $489M | Goldman Sachs Growth Equity and Eurazeo |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did NetSPI raise in its Growth round?
NetSPI raised $90M in its Growth round, announced in May 2021.
Who led NetSPI's Growth round?
KKR led it, with Ten Eleven and Sunstone Partners.
What was NetSPI's valuation at the Growth round?
It was not disclosed.
How does it compare with other Growth rounds in Tech Companies?
399 Growth rounds in Tech Companies within a year either side disclosed an amount; the median was $60M, and this round was 1.5 times the median.
Did NetSPI raise again after this round?
Yes: a Growth round in Oct 2022 of $410M.