Total amount raised
$162 Millions
Latest funding date
5/1/2022
Location
Material Security has successfully raised significant funding across multiple rounds, with notable investors such as Founders Fund and La Famiglia backing the company. The platform offers robust security solutions for cloud workspaces, specifically targeting Google Workspace and Microsoft 365.
Keep reading to delve into the details of Material Security's funding journey and the key investors supporting its innovative approach to email and data security.
What Is Material Security?
Material Security, founded in 2017, is based in Redwood City, California. The company was established by Abhishek Agrawal, Chris Park, and Ryan Noon.
Specializing in email security, Material Security develops data-driven software to protect users and data within organizations. Their solutions include phishing protection, data protection for Google Drive, posture management, and identity protection.
With a team of 51-100 employees, Material Security focuses on providing robust security solutions for cloud workspaces, specifically targeting Google Workspace and Microsoft 365.
How Much Funding Has Material Security Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop initial product offerings.
- Series A
- Amount Raised: $22M
- Date: June 2020
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and achieve product-market fit.
- Series B
- Amount Raised: $40M
- Date: May 2021
- Lead Investors: Elad Gil
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product development and scale the business.
- Series C
- Amount Raised: $100M
- Date: May 2022
- Lead Investors: Founders Fund
- Valuation at Round: $1.1B
- Motivation Behind the Round: To extend the product into new areas and expand internationally.
Total Amount Raised: $162M
Current Valuation: $1.1B
Key Investors
- Founders Fund
- Details: Founders Fund is a venture capital firm known for investing in companies that are working on breakthrough technologies. It was founded by Peter Thiel, Ken Howery, and Luke Nosek.
- Investment Focus Areas: Aerospace, artificial intelligence, advanced computing, biotechnology.
- Notable Investments: SpaceX, Palantir Technologies, Facebook.
- Andreessen Horowitz
- Details: Andreessen Horowitz is a private venture capital firm founded by Marc Andreessen and Ben Horowitz. It invests in both early-stage startups and established growth companies.
- Investment Focus Areas: Software, consumer, enterprise, bio/healthcare, fintech.
- Notable Investments: Facebook, Twitter, Airbnb.
- Elad Gil
- Details: Elad Gil is a high-profile individual tech investor and entrepreneur known for his investments in various successful tech startups.
- Investment Focus Areas: Software, biotech, fintech.
- Notable Investments: Airbnb, Stripe, Coinbase.
What's Next for Material Security?
Material Security is poised to capitalize on the growing need for advanced email security solutions. With a focus on zero-trust security techniques, the company plans to expand its product offerings to other SaaS applications like Dropbox and Google Drive. This expansion, coupled with international growth, presents a significant opportunity for the company to increase its market footprint.
Given its strong growth trajectory and high-profile customer base, Material Security is likely to attract further investment. Future fundraising rounds could help the company scale its operations and enhance its product capabilities. However, the company will need to navigate challenges such as evolving cyber threats and competition from other security providers.
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