Just two years ago, VC funding to cybersecurity startups was on fire. $23 billion flooded the sector, per Crunchbase. But in 2023, cybersecurity upstarts only saw a third of that — the result of the exceptional surge in 2021, bloated valuations and investors wary of market instability. However, amidst this, NinjaOne, an IT platform for endpoint management, security, and visibility, has made a significant stride by securing $231.5 million in a Series C funding round led by Iconiq Growth.
Key Takeaway
NinjaOne, an endpoint security startup, has raised $231.5 million in a Series C funding round, led by Iconiq Growth, valuing the company at
.9 billion. The funding will be utilized to expand the company’s team and invest in automating IT operations, further strengthening its position in the market.
NinjaOne’s Funding and Valuation
The recent Series C funding round, which was joined by Frank Slootman, the chairman and CEO of Snowflake, and Amit Agarwal, the president of Datadog, has valued NinjaOne at $1.9 billion, according to co-founder and CEO Sal Sferlazza. The unexpected inbound interest from “numerous” potential investors, including Iconiq, reflects the company’s strong position in the market.
NinjaOne’s Focus and Growth
NinjaOne, founded in 2014, has been focused on scaling its business and team to improve its product offerings and support its global growth as its customer base and product offerings mature. The company’s tools, designed to integrate with existing IT and security platforms, cover a wide range of functions from remote device monitoring and data backup to software deployment, alerting, scripting, and app automation. With over seven million endpoints currently managed for more than 17,000 customers, including prominent names like Hello Fresh, Nissan, and the University of Oxford, NinjaOne has demonstrated impressive growth and customer success.
Future Plans and Investment
The latest funding round’s proceeds will go towards expanding NinjaOne’s team and automating complex IT aspects, focusing on streamlining endpoint management, enhancing security, and accelerating new technology deployment. This strategy includes enhancing endpoint privilege management, deemed essential for improving security and operational efficiency within IT environments. With a 70% revenue growth year-over-year, NinjaOne aims to sustain its growth and enrich its offerings further.
