Enterprise browser Island valued at 4.8 billion-dollar in latest funding round
Technology
Enterprise browser Island valued at 4.8 billion-dollar in latest funding round
(Reuters) - Island, an enterprise browser and cybersecurity startup, said on Wednesday it was valued at $4.8 billion after its latest fundraising, marking a 60% rise in valuation in less than a year, as companies rush to upgrade their security protocols.
The $250 million series E round, led by Coatue Management, took the total funding for the Dallas, Texas-based company to $730 million. Its other investors include Cyberstarts, Sequoia Capital, Citi Ventures and ServiceNow Ventures.
Launched in 2022, Island helps enterprises replace their existing suite of applications with a single, security-focused browser that comes built-in with all tools.
Interest in the cybersecurity industry has grown as the rising frequency of online attacks and hacks prompted businesses across the world to spend more on safeguarding their domains.
Disruptions caused by the global CrowdStrike outage last year have also encouraged some companies to boost their budgets on protecting digital assets.
Last week, Google-parent Alphabet announced its $32 billion acquisition of cybersecurity startup Wiz, in its biggest deal ever.
Total funding to venture capital-backed cybersecurity startups hit nearly $11.6 billion last year, a rise of 43% over 2023, according to Crunchbase data.
Island currently employs 500 people and counts Fortune 1000 enterprises as well as government agencies and higher education institutions among its customers.
The company last raised capital in April 2024 at a valuation of $3 billion.
Its co-founders Mike Fey and Dan Amiga are enterprise security veterans, having previously held executive roles at McAfee and Symantec Corp, respectively, according to their LinkedIn profiles.
