Cyber security startup Silverfort raises $116 mln in late-stage fundraise

Samsonite SA

23/01/2024 13:00

By Manya Saini
       Jan 23 (Reuters) - Identity protection company
Silverfort said on Tuesday it had raised $116 million in a
late-stage funding round, led by investment firm Brighton Park
Capital with participation from Citi Ventures and General Motors
Ventures. 
    Cyber security has taken center stage in recent years as
companies and other major institutions, including governments,
ramp up spending to protect their assets, customers and
employees against hacks and data theft. 
    Analysts and industry experts expect demand for identity
threat prevention and multi-factor authentication technologies
to remain robust over the long term.    
    Riding on the positive sector outlook, cyber security stocks
surged last year with SentinelOne  S.N  gaining 88%, while,
both, Palo Alto Networks  PANW.O  and CrowdStrike Holdings
 CRWD.O  more than doubled.  
    Silverfort intends to use the fresh capital to further
develop its existing product line and expand into new areas, CEO
and co-founder Hed Kovetz told Reuters. 
    Silverfort's high-profile customers include online travel
platform Agoda, package delivery giant United Parcel Service
 UPS.N  and luggage maker and retailer Samsonite  1910.HK , its
website showed. 
    It has also inked a strategic partnership with technology
heavyweight Microsoft  MSFT.O .
    On plans to go public, Kovetz said Silverfort was not
looking at a public listing immediately but is in a financially
strong position and could consider acquisitions after recording
robust growth last year.
    The series D funding round takes the total capital raised by
Silverfort to $222 million. Other investors in the round
included Acrew Capital, Greenfield Partners, Maor Investments,
Vintage Investment Partners and Singtel Innov8.
    "Looking ahead, we plan to invest heavily in going deeper
into our existing products, and expanding into new areas to
ensure we have the most complete, end-to-end identity protection
platforms for our customers," Kovetz said.  
    "2023 was a year of tremendous growth for Silverfort and the
fourth quarter was our strongest quarter on record," added
Kovetz. 
   

 (Reporting by Manya Saini in Bengaluru; Editing by Shweta
Agarwal)
 ((Manya.Saini@thomsonreuters.com;))