Netskope eyes APAC expansion with $75m Series D funding

Netskope plans to invest its latest funding to grow its business in Asia Pacific, specifically in Australia and New Zealand, Europe, Latin America, Israel, and Canada.

Cloud access security broker Netskope has secured a $75 million Series D funding round, bringing the company's total amount of raised funds to more than $130 million.

The funding round was led by Iconiq Capital, with existing investors Accel Partners, Lightspeed Venture Partners, and the Social and Capital Peartnership having also participated in the round.

Netskop APAC regional sales director Yu Jing Cheng said the investment will fuel the company's growth in Asia Pacific, specifically in Australia and New Zealand, Europe, Latin America, Israel, and Canada.

"From expanding our datacentre footprint to growing our sales, marketing and relationship with the channel, we see customers around the globe moving beyond shining a light on shadow IT to the safe enablement of sanctioned and unsanctioned cloud apps in every corner of their business. It's an exciting time to be the leading cloud access security broker," he said.

The company boasted that in the past year it has grown its customer base by 500 percent -- resulting in an increase of over 600 percent in revenue -- as well as its global headcount to 250.

Netskope secured some of its initial funding in 2013. At the time, the company said the plan was to create cloud services that would allow employees to use their favourite cloud applications, but enable enterprises to optimise usage in a secure way.

Netskope co-founder and CEO Sanjay Beri said the premise the company was founded on is proof there was a gap in the market.

"The explosive growth we're experiencing is evidence that organisations need a solution that enables them to mitigate risk, prevent data loss, and govern usage in cloud apps beyond simply 'allowing' or 'blocking' the apps," he said.

"We're delighted that Iconiq has joined our team, and this investment will fuel our continuing efforts to help our customers safely migrate to and leverage the cloud."