Total amount raised
$139.8 Millions
Latest funding date
01/01/2022
Location
Virtru has successfully raised funds through multiple rounds, with its most recent being a Series C round. The company specializes in data protection and privacy technologies, offering solutions for secure email, file sharing, and SaaS applications.
Keep reading to explore the intricacies of Virtru's fundraising journey and the investors backing this innovative platform.
What Is Virtru?
Founded in 2012, Virtru is a cybersecurity company based in Washington, D.C. The company was established by John Ackerly and Will Ackerly. Virtru specializes in data encryption and privacy technologies, offering solutions for secure email, file sharing, and SaaS applications.
With an employee count ranging from 101 to 250, Virtru serves over 20,000 organizations across various industries. The company’s mission is to protect sensitive data throughout its lifecycle, ensuring secure information sharing and compliance with regulatory standards.
How Much Funding Has Virtru Raised?
- Series C
- Amount Raised: $60M
- Date: January 2022
- Lead Investors: Foundry Capital, ICONIQ Growth
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the Trusted Data Format (TDF) standard in the enterprise sector and accelerate product delivery.
- Series B
- Amount Raised: $37.5M
- Date: May 2018
- Lead Investors: ICONIQ Growth
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and enhance data protection technologies.
- Series A
- Amount Raised: $29M
- Date: August 2016
- Lead Investors: Bessemer Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and meet growing demand for data protection solutions.
- Venture Round
- Amount Raised: $6M
- Date: June 2014
- Lead Investors: Bessemer Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch new data encryption products.
- Debt Financing
- Amount Raised: $4.3M
- Date: April 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and early-stage product development.
- Seed Round
- Amount Raised: $3M
- Date: May 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company and develop initial product offerings.
Total Amount Raised: $139.8M. Current Valuation: Not publicly disclosed.
Key Investors
- Foundry Capital
- Details: Foundry Capital is a venture capital firm that invests in early-stage technology companies. The firm is known for its hands-on approach and strong network in the tech industry.
- Investment Focus Areas: Technology, early-stage startups, SaaS.
- Notable Investments: SendGrid, Fitbit, Zynga.
- ICONIQ Growth
- Details: ICONIQ Growth is a growth equity firm that invests in high-growth technology companies. The firm leverages its extensive network to support portfolio companies.
- Investment Focus Areas: Technology, high-growth startups, enterprise software.
- Notable Investments: Not publicly disclosed.
- Tiger Global Management
- Details: Tiger Global Management is a global investment firm that focuses on private and public companies in the technology, telecommunications, media, and consumer sectors. The firm has a strong track record of successful investments.
- Investment Focus Areas: Technology, telecommunications, media, consumer sectors.
- Notable Investments: Facebook, LinkedIn, Spotify.
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a venture capital firm that invests in early-stage companies across various sectors. The firm has a long history of successful investments and a strong reputation in the venture capital community.
- Investment Focus Areas: Early-stage companies, technology, healthcare.
- Notable Investments: Not publicly disclosed.
- New Enterprise Associates (NEA)
- Details: New Enterprise Associates (NEA) is a global venture capital firm that invests in technology and healthcare companies at all stages of growth. The firm has a diverse portfolio and a strong presence in the venture capital industry.
- Investment Focus Areas: Technology, healthcare, all stages of growth.
- Notable Investments: Not publicly disclosed.
What's Next for Virtru?
Virtru stands at the cusp of significant growth opportunities, driven by the increasing demand for robust data protection solutions. The company aims to establish its Trusted Data Format (TDF) standard across the enterprise sector, expanding its encryption platform to more SaaS applications and cloud environments. This expansion is crucial as businesses recognize the importance of securing data by default, especially in the context of remote work and recent cybersecurity breaches.
With the successful $60 million Series C funding round, Virtru is well-positioned for future fundraising opportunities to support its ambitious plans. The company plans to double its team size and accelerate product delivery, indicating potential for additional funding rounds. However, Virtru will need to navigate challenges such as ensuring widespread adoption of the TDF standard and keeping up with rapid technological advancements and emerging security threats.
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