Cybersecurity Startup Silverfort Raises $116 Million in Late-Stage Fundraise

• ByStartupStory     |    January 24, 2024

Silverfort, a prominent cybersecurity startup specializing in identity protection, announced that it had successfully raised $116 million in a late-stage funding round. The round was led by investment firm Brighton Park Capital and featured significant participation from Citi Ventures and General Motors Ventures.

The heightened focus on cybersecurity in recent years, driven by the escalating threat landscape, has prompted companies, major institutions, and governments to bolster their spending on safeguarding assets, customers, and employees against cyber attacks and data breaches.

CEO and co-founder Hed Kovetz revealed that Silverfort intends to utilize the fresh capital to enhance its existing product line and venture into new areas, reflecting the company’s commitment to innovation and staying ahead in the rapidly evolving cybersecurity landscape.

Silverfort boasts high-profile customers, including online travel platform Agoda, package delivery giant United Parcel Service (UPS), and renowned luggage maker and retailer Samsonite. The company has also formed a strategic partnership with technology giant Microsoft.

The series D funding round, which raised $116 million, brings Silverfort’s total capital raised to an impressive $222 million. Notable investors in this round include Acrew Capital, Greenfield Partners, Maor Investments, Vintage Investment Partners, and Singtel Innov8.

CEO Hed Kovetz addressed Silverfort’s future plans, 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.”

While Kovetz clarified that Silverfort is not immediately considering a public listing, he mentioned that the company is in a robust financial position and could contemplate acquisitions following a year of remarkable growth in 2023.

“2023 was a year of tremendous growth for Silverfort, and the fourth quarter was our strongest quarter on record,” Kovetz added, highlighting the company’s significant achievements and positive trajectory in the cybersecurity sector.

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