Lacework’s Revenue Boost and Funding
Lacework is a California-based cloud security startup founded in 2015. In 2020, the startup saw significant growth, in large part due to companies adopting cloud services during the COVID-19 pandemic. In fact, Lacework began 2020 with just 92 employees and ended the year boasting over 200. The startup’s growth is more clearly seen through its incredible revenue boosts, an increase of 300% in each of the past two years, showing the incredible growth both from the startup itself and the cloud security market in general.
As a result of the company’s success, many investors have invested heavily in their business throughout their Series D funding round. In fact, Lacework raised an incredible $525 million, bringing the total funding from the startup up to $600 million. The funding round was led by Sutter Hill and Altimeter Capital with participation from D1 Capital Management, Coatue, Dragoneer Investment Group, Liberty Global Ventures, Snowflake Ventures, and Tiger Global Management.
This newest funding has pushed the startup’s valuation to well over $1 billion, though a direct number was not specified. When speaking on the high funding and valuation, Lacework CEO Dan Hubbard said, “We enable companies to build securely in the cloud, and we span across multiple different categories of markets, which enable the customers to do that.”
The startup’s future plans, now that the company has received $525 million, mostly include doubling their workforce. Their business focuses on cultivating more diversity amongst the team, which has been an issue throughout many different tech startups.
Lacework’s cloud security is proving itself to be effective and more and more popular by the year. With back-to-back years of 300% revenue growth, the startup is beginning to exponentially grow just as the demand for cloud security services is shooting through the roof. Adding to this is the recently acquired $525 million in new funding and a valuation worth well over $1 billion. With the new capital, the business has significant room to expand without worrying about relying fully on revenues just yet. Given all of these factors, the company looks well set to succeed in the future.
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.