Silverfort Secures $116 Million in Funding Led by Brighton Park Capital
Silverfort, a leading identity protection company, has successfully raised $116 million in a late-stage funding round. The round was spearheaded by investment firm Brighton Park Capital, with significant contributions from Citi Ventures and General Motors Ventures. This comes at a time when cybersecurity has become a focal point for companies and major institutions, reflecting a heightened need for robust protection against cyber threats such as hacks and data theft.
In recent years, the demand for identity threat prevention and multi-factor authentication technologies has surged, driving the cybersecurity sector to new heights. Notably, cybersecurity stocks experienced substantial growth in the past year, with SentinelOne gaining 88%, and both Palo Alto Networks and CrowdStrike Holdings more than doubling in value.
Silverfort’s Strategic Vision and Usage of Fresh Capital
Silverfort, led by CEO and co-founder Hed Kovetz, plans to leverage the newly acquired capital to further develop its existing product line and explore expansion into new areas. Kovetz emphasized the company’s commitment to staying ahead in the rapidly evolving cybersecurity landscape.
Silverfort counts major players like Agoda, UPS, and Samsonite among its high-profile clients. Additionally, the company has forged a strategic partnership with technology heavyweight Microsoft, underscoring its position as a key player in the industry.
Addressing future plans, Kovetz clarified that Silverfort is not immediately considering a public listing. However, the company, now in a financially robust position, may explore acquisitions following its robust growth last year.
The recently concluded series D funding round brought Silverfort’s total capital raised to an impressive $222 million. Other contributors to the round include Acrew Capital, Greenfield Partners, Maor Investments, Vintage Investment Partners, and Singtel Innov8.
Kovetz expressed the company’s forward-looking strategy, stating, “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.”
Highlighting Silverfort’s achievements, Kovetz noted, “2023 was a year of tremendous growth for Silverfort, and the fourth quarter was our strongest quarter on record.” The company’s performance reflects its resilience and success in meeting the escalating demands of the cybersecurity landscape.
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