Nord Security secures $100M funding from Warburg Pincus
Nord Security has announced a $100 million financing round from Warburg Pincus, a top global growth investor. The investment tops off a stellar year for the internet privacy giant, which has doubled its worth to $3 billion.
Investors participating in the round include Novator Ventures and Burda Principal Investments. The investment will be used to expand Nord Security’s product offering and accelerate growth through strategic mergers and acquisitions, allowing the company to enhance both consumer and business customers’ security even more.
In April 2022, Nord Security raised $100 million in its first-ever external investment round at a $1.6 billion valuation. In just over a year, by focusing on continuous growth and raising new funding, Nord Security doubled its valuation to $3 billion.
Nord Security, whose product suite includes the biggest and most popular VPN service in the world – NordVPN, password manager NordPass, network access security software for businesses NordLayer, and encrypted cloud storage NordLocker, had been bootstrapped for more than a decade before raising its first outside investment.
It was able to leverage a sustainable business model to build a diversified revenue stream with a global user base and develop resilience to turbulence in the financial and venture capital markets currently felt by startup ecosystems all over the globe.
In 2022, Nord Security formed a group of companies with another popular consumer cybersecurity company – Surfshark, whose product suite includes consumer VPN Antivirus, online data leak detection system Alert, online identity protection tool Alternative ID, private search tool Search, and automated personal data removal system Incogni.
Nord Security was founded in Lithuania in 2012 by co-founders and co-CEOs Tom Okman and Eimantas Sabaliauskas (pictured, above). It operates in more than 20 markets and employs around 2,000 professionals globally.
“We are grateful that Warburg Pincus shares that trust and our vision for the future of the internet,” said Okman. “We will continue to address the needs of our users by bringing market-leading innovative features, informative marketing, and a holistic approach towards consumer and businesses cybersecurity needs.”
Warburg Pincus has invested more than $22 billion in technology companies since inception and is one of the most active growth investors in enterprise technology and cloud-based platforms.
Notable technology investments include Avalara, Infoblox, NEOGOV, and Salsify. One of the firm's core areas of focus is in backing growing cybersecurity companies, including investments in Aura, BitSight, Contrast Security, Crowdstrike, eSentire, and Zimperium.