VPN maker Nord Security nets $100m funding

Nord Security, the company behind the immensely popular eponymous VPN service as well as a couple of other major security solutions, has announced $100 million in financing. 

In a press release, Nord Security said the funding round was led by global growth investor Warburg Pincus, with notable participation from 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,” the press release said. Other than hinting at possible mergers and acquisitions, the announcement does not discuss the idea further. 

Doubling the valuation

“Ten years of bootstrapping forces you to get good at managing your money, whether you want it or not,” commented Tom Okman, co-founder and co-CEO of Nord Security. “That will not change for us. What will change is that we’ll be in an even better position to reach our goals. We’ll improve our product line, innovate, and address the growing user demands. If we see an opportunity to create synergies with current market players, M&As are also on the table.”

Nord Security had initially raised $100 million in April 2022 in what it described as “its first ever external investment round.” The company’s valuation was then set at $1.6 billion, which has now more than doubled to around $3 billion following the new round of financing.

Nord Security offers a product suite that includes NordVPN, a password manager called NordPass, network access security software for businesses NordLayer, and encrypted cloud storage NordLocker. It was founded in Lithuania in 2012 by Tom Okman and Eimantas Sabaliauskas. Today, the company claims to have “millions of consumers worldwide” for customers, as well as a range of businesses, as it operates in more than 20 markets and has some 2,000 employees. 

It also expects a bright future ahead, as the estimated global cybersecurity market size for 2030 will be $538.8 billion. “In a world where cyber threats grow in both complexity and frequency, sustainable growth and preemptive security measures are paramount,” the company concludes.

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