11 months ago
36
Last year did not end on high notes for funding to cybersecurity or Israel-based startups.
Silverfort has bucked both of those trends with its $116 million Series D led by Brighton Park Capital. Existing investors including Acrew Capital, Greenfield Partners, Citi Ventures, General Motors Ventures, Maor Investments, Vintage Investment Partners and Singtel Innov8 also participated.
The startup attempts to provide identity protection with a single layer that operates on top of all the distributed environments of the enterprise, extending identity protection to all resources. The fresh funding will be used for internal growth and to expand the company’s footprint, as well as further develop its platform.
Tel Aviv-based Silverfort has grown its revenue 100% year to year.
“Identity has become the weakest link in enterprise security, and solving it requires a new approach — a unified, end-to-end layer of security that covers all the silos and blind spots of the identity infrastructure,” said co-founder and CEO Hed Kovetz.
Venture down
The round is in direct contrast to a few trends.
Venture funding to Israel-based startups in Q4 2023 hit its lowest point since early 2017, as just more than a half-billion dollars was invested in private companies with tensions and violence rising in the region. Startups in Israel raised about $516 million in a paltry 42 deals, per Crunchbase data.
The Silverfort raise is the fifth largest by an Israel-based startup since the beginning of last year.
Cybersecruoity funding also has been down significantly. In Q4, cyber startups locked up $1.6 billion — marking the lowest quarter since Q3 2018 when cyber firms raised just $1.3 billion.
Founded in 2016, Silverfort has raised a total of $222 million, per the company..
Related Crunchbase Pro queries:
Related reading:
- Cybersecurity Startup Funding Hits 5-Year Low, Drops 50% From 2022
- Funding To VC-Backed Startups In Israel Plummeted In Q4 Amid Turmoil
Illustration: Dom Guzman
