Lithuania-based cybersecurity startup, Nord Security, has reportedly raised $100 million in its first external funding round, valuing the startup at $1.6 billion.
The round was led by the European VC firm Novator Ventures and also saw the participation from General Catalyst and Burda Principal Investments, including individual investors such as Ilkka Paananen, CEO of Supercell, Miki Kuusi, CEO of Wolt, as well as Matt Mullenweg, co-founder of WordPress and CEO of Automattic.
Tom Okman, co-founder and co-CEO, Nord Security, stated that the reason why it was raising funds now, was to keep up with the changing landscape of digital privacy while continuing to stay in line with its goal of embracing the ideals of an open internet while protecting users from those who may exploit it.
Okman added that the company’s mission is to create a radically different internet where consumers, enterprise accounts, and network information are secured from worldwide cyber threats.
Nord’s userbase had grown to 15 million since its inception in 2012, owing to its various security and identity management products, including one of the leading VPN services NordVPN, password manager NordPass, cloud storage NordLocker, along with its business network security NordLayer. Nord also offers developer tools with which users can build their own custom VPNs.
Meanwhile, the firm has also been engaged in M&A activity-fueled expansion, with its recent activity being a merger with Lithuania-based cybersecurity firm SurfShark.
Virtual Private Networks (VPNs) help in going past the restrictive internet policies that may have been implemented by governments or internet providers, or to access geo-blocked content, and also makes browsing more private.
Nord’s primary goal is to continue developing enterprise and consumer services as a chargeable offering, which is a business that as per Okman has not only helped Nord garner 100 patents, but also a different type of ecosystem to improve products and answer to a plethora of different standard.
Okman added that the company prohibits all types of illegal activities and has defined it in its terms of service as well, which is the biggest difference and distinction between free and paid VPN services.