Nord Security have announced a $100M financing round from Warburg Pincus. 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 $100M in its first-ever external investment round at a $1.6B valuation. In just over a year, by focusing on continuous growth and raising new funding, Nord Security doubled its valuation to $3B.
Nord Security, whose product suite includes 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. Surfshark’s product suite includes a consumer VPN, Antivirus, online data leak detection system Alert, online identity protection tool Alternative ID, a private search tool Search, and automated personal data removal system Incogni. The team behind Surfshark is highly focused on new products and innovations in the consumer privacy and security sector.
Nord Security was founded in Lithuania in 2012 by co-founders and co-CEOs Tom Okman and Eimantas Sabaliauskas. Their mission was to create internet security and privacy tools that are easily accessible to everyone. Today, Nord Security’s suite of products is trusted by millions of consumers worldwide and a range of businesses. Nord Security operates in more than 20 markets and employs around 2,000 professionals globally.
Warburg Pincus has invested more than $22B 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.
Tom Okman, co-CEO and co-founder at Nord Security, said: “Our users’ trust allowed us to remain on a sustainable and profitable journey for more than decade. In a saturated cybersecurity market, it is not enough to offer next-gen privacy and security solutions. They also have to be intuitive for both professional and casual internet users. We are grateful that Warburg Pincus shares that trust and our vision for the future of the internet. 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. The new financing round, together with our investors’ experience and know-how, allow us to be in an even stronger position to make the Nord name synonymous with online privacy and security.”
Eimantas Sabaliauskas, co-CEO and co-founder at Nord Security, said: “Modern cybersecurity requires cutting-edge innovations, and that’s where our talented professionals make Nord Security stand out. Over the years we focused on fostering a community where driven experts are welcomed and enabled to make radically better internet. The Nord community, made up of individuals from all corners of the globe, work together to make sure that our users can be safer online, every day. And we believe there are many who share our cause and our mission.”
