Nord Security raises US$100mn at US$1.6bn valuation

Nord Security has raised US$100mn at a valuation of US$1.6bn and plans to use the funds to hire more staff, invest in research and expand its product suite

Nord Security, a provider of internet privacy and security solutions, has raised US$100mn at a valuation of US$1.6bn in its first external investment round from Novator Ventures, Burda Principal Investments and General Catalyst.

The company will use the investment to expand Nord Security’s product suite and enterprise footprint, while accelerating the growth of consumer cybersecurity company Surfshark, which Nord Security joined forces in early 2022. 

The funds will also be used to make key hires at all levels and across every function, adding to Nord Security’s 1700-person team, and accelerating the expansion of its product suite and geographical footprint through acquisitive growth and intensive R&D on new platform features. 

Entering into a new era of technological innovation

Founded in Lithuania in 2012 by Tom Okman and Eimantas Sabaliauskas, the company was made with the mission to create an internet security and privacy tool that was easily accessible for everyone. 

Today, Nord Security’s suite of products is trusted by millions of consumer users worldwide, as well as by a range of businesses, including the likes of Calendly, Adobe, Shutterstock and Vinted, for advanced threat protection against complex and evolving cyberthreats. 

Nord Security, which operates in 20 countries globally, is continuing to expand rapidly with over 200 open positions and 50% YoY headcount growth. 

Tom Okman, co-CEO and co-founder at Nord Security, said: “Ten years ago, we set out to create security and privacy tools which would help create a safer and more peaceful online future; today, millions of people trust our products every day to protect them. We are profitable and have been bootstrapped until today, but in our investors, we have found partners who believe in our mission as much as we do, which will allow us to grow faster and double down on our aspiration to build a radically better internet. We’re also humbled to play a part in helping Lithuania, a fiercely entrepreneurial country, enter into a new era of technological innovation.”

Enhancing customer's security and privacy protections 

It is estimated that cybercrime will cost the global economy US$10.5tn by 2025, and nearly half of consumers now expect to be hacked. 

Nord Security’s mission is to build a radically better internet and restore trust in digital networks, by securing consumer and enterprise accounts, networks and information against advanced cyberthreats. 

The company aims to help consumers and businesses enhance their security and privacy protections with a holistic suite of products, which allow consumers and businesses to analyse, detect and contain threats at the edge of a network before they penetrate sensitive end-user devices. 

Birgir Már Ragnarsson, managing partner at Novator Ventures, who joins Nord Security’s board, added: “Modern internet security requires a completely new approach to address the secular growth of risks from expanding data regulations and ever-worsening cyberthreats. Tom and his team are well-positioned to deliver and usher in the new era of internet security with a powerful and best-in-class suite of privacy and security tools, designed to protect information, accounts and networks. It’s rare to find a company that can already demonstrate such an excellent track record, brand credibility and unwavering focus on serving customers, so we are delighted to partner with Nord Security to support the team as they execute their vision at scale.”

 

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