Nord Security, the company behind NordVPN (opens in new tab), announced it had raised $100m in a financing led by Novator Ventures. Participants included Burda Principal Investments as well as General Catalyst.
These investment firms were joined by founders and angel investors, including Supercell CEO Ilkka Pananen, Wolt CEO Mikikuusi, and Automation (opens in new tab). CEO Matt Mullenweg joined the round, which marks the company’s first ever outside capital raising at a valuation of $1.6bn.
Nord Security will use the funds to expand its product range and enterprise footprint, as well as accelerate the growth of the consumer cybersecurity firm Surfshark (opens in a new tab), which it teamed up with earlier in the year.
Nord Security’s continued growth can be attributed to the fact that consumers and businesses are now dealing with greater cyber risks than ever. It’s been estimated that cybercrime (opens in new window) will cost the world $10.5tn by 2025, while almost half of all consumers expect to be hacked. A holistic approach to online security must be taken in order to deal with the increased threats.
Doubling down on its mission
In 2012, Eimantas Sabaliauskas and Tom Okman founded Nord Security in Lithuania to create an easy-to-use internet security and privacy tool.
The company now has the mission to create a better internet and restore trust by digital networks. This is done by protecting consumer and enterprise accounts, networks, and information from advanced cyberthreats.
Nord Security, based on the success NordVPN, has added a password manager (opens new tab), an encrypted cloud storage (opens new tab), and a network access protection product (NordLayer (opens new tab).) to its offerings to help users protect their passwords, files, and networks.
Tom Okaman, co-CEO and cofounder of the company, praised its new investors in a press statement and explained how they will aid Nord Security in its mission.
Ten years ago, our goal was to create privacy and security tools that would make the internet safer and more peaceful. Today, millions trust our products to keep them safe. Although we are financially sound and have been self-funded up to today, our investors have given us the opportunity to find partners who share our vision and will help us grow faster. We are humbled to be able to help Lithuania, which is a highly entrepreneurial country, transition into a new era in technological innovation.
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