Nord Security, a Lithuanian cybersecurity solutions company founded by Lithuanians and considered a Lithuanian unicorn, has secured a new investment of USD 100 million. The funding was raised from the US private equity firm Warburg Pincus, propelling its valuation to USD 3 billion.
These funds will be used to expand Nord Security and Surfshark, another Lithuanian-founded cybersecurity company, into various global markets. Additionally, they will be earmarked for potential strategic acquisitions, as stated by the company.
This is the second time Nord Security has successfully secured funding from external entities. In April 2022, the company received a USD 100 million investment from the British alternative investment firm Novator, bringing it‘s value up to USD 1.6 billion. It became Lithuania’s second ‘unicorn‘.
Tomas Okman, co-founder of Nord Security, claims that this investment will allow the company to further solidify its position. “While we continue to maintain our steady growth, we are pleased to have found partners who possess a strong understanding of the cybersecurity market. The new funding round, coupled with the experience, knowledge, and contacts of our new partners at Warburg Pincus, will enable us to further strengthen our position. Moreover, securing this investment in the current market conditions shows the appreciation for the long-standing business model we have chosen,” he said in a company statement.
“The substantial funding shows that Nord Security is an outlier compared to other technology companies whose value has declined in recent years due to the broader slowdown in the venture capital markets,” writes the Financial Times.
The Financial Times also reported that a representative from Warburg Pincus, managing assets exceeding USD 83 billion, will secure a seat on Nord Security’s board as part of the deal.
Nord Security was established in Lithuania in 2012 by Okmanas and Sabaliauskas with the vision to create an internet security and privacy tool that is easily accessible to everyone. Its products are utilized by consumers worldwide, as well as by notable companies including Calendly, Adobe, Shutterstock, and Vinted.
Nord Security employs approximately 2,000 professionals worldwide.
