Lightspeed’s $100 Million Investment in Netskope

Cooley advised Lightspeed Venture Partners on the deal

Netskope, the leader in cloud security, closed a $100 million Series E funding round led by existing investors Lightspeed Venture Partners and Accel. Existing investors Social Capital and Iconiq Capital also participated in the round, as did new investors Sapphire Ventures and Geodesic Capital. The investment will fuel the advancement and go-to-market of the company’s enterprise cloud security platform, which addresses new security challenges precipitated by the rapid adoption of cloud services.

The oversubscribed round brings the company’s total amount raised to $231.4 million, making it the most well-funded cloud access security broker (CASB) and cementing its leadership in the growing cloud security market. The investment comes on the heels of a strong close to 2016, in which the company nearly tripled revenue when compared to 2015. During 2016, the company added leading enterprise customers in the retail, financial services, manufacturing, energy, and healthcare verticals, and grew global employee headcount to more than 350, with key hires made in the research and development, customer success, and threat research teams.

Cooley advised Lightspeed Venture Partners on the deal with a team led by Kevin Rooney (Picture) and David Burns.

Involved fees earner: Kevin Rooney – Cooley LLP; David Burns – Cooley LLP;

Law Firms: Cooley LLP;

Clients: Lightspeed Venture Partners;

Author: Ambrogio Visconti