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Lithuania has second unicorn: Nord Security raises $100 mln at $1.6 bln valuation

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Lithuanian cyber security tech firm Nord Security has raised $100 million from investors at a $1.6 billion valuation, making it Lithuania’s second tech unicorn. The company is best known for its VPN product, NordVPN, which costs around $140 a year or $12 a month.

Nord Security has raised $100 million in a round of funding led by Novator with participation from Burda Principal Investments and General Catalyst to enable both consumers and companies to secure online networks, information and accounts. Founders and angel investors including Ilkka Paananen (CEO, Supercell), Miki Kuusi (CEO, Wolt) and Matt Mullenweg (CEO, Automattic) also joined the round. The investment will be used to expand Nord Security’s product suite and enterprise footprint, while accelerating the growth of consumer cybersecurity company Surfshark, which Nord Security joined forces with in early 2022.

VPNs, or virtual private networks, allow users to disguise their online identity while they browse the internet. They can also help internet users access blocked websites and services.

All of Nord Security’s products leverage its global success in the consumer market and incorporate best-in-class convenience, UX, adaptability and administration at a fraction of the cost and time of traditional solutions. Along with NordVPN, Nord Security’s intuitive and purpose-built internet security and privacy product suite includes NordPass (password manager), NordLocker (encrypted cloud storage), and NordLayer (network access security).

Nord Security’s mission is to build a radically better internet and restore trust in digital networks, by securing consumer and enterprise accounts, networks and information against advanced cyberthreats. The company, which pioneered the mass-market consumer VPN category with NordVPN, aims to help consumers and businesses enhance their security and privacy protections with a holistic suite of products, which allow consumers and businesses to analyse, detect and contain threats at the edge of a network before they penetrate sensitive end-user devices.

Nord Security was founded in Lithuania in 2012 by Tom Okman (co-CEO) and Eimantas Sabaliauskas (co-CEO) to create an internet security and privacy tool that was easily accessible for everyone. Today, Nord Security’s suite of products is trusted by millions of consumer users worldwide, as well as by a range of businesses, including the likes of Calendly, Adobe, Shutterstock and Vinted, for advanced threat protection against complex and evolving cyberthreats. Nord Security, which operates in 20 countries globally, is continuing to expand rapidly with over 200 open positions and 50% YoY headcount growth.

The investment will be used to make key hires at all levels and across every function, adding to Nord Security’s 1700-person team. Nord Security will also use the new financing to accelerate the expansion of its product suite and geographical footprint through acquisitive growth and intensive R&D on new platform features.

Read more on Startup Lithuania