Cloud Security Unicorn Wiz Raises $300M, Now Valued at $10B
Cloud security Wiz has raised $300 million in a Series D funding round at a $10 billion valuation. Despite the economic downturn, Wiz’s valuation has surged since it raised $250 million at a $6 billion valuation in October 2021.
The round was led by new investor Lightspeed Venture Partners and existing investors Greenoaks Capital Partners and Index Ventures. According to the company, Wiz is now the world’s largest cybersecurity unicorn and the fastest SaaS company to achieve a $10 billion valuation.
Since its inception almost three years ago, Wiz has raised $900 million from investors, including Sequoia Capital, Insight Partners, Blackstone and G Squared. The company is also backed by prominent private investors and entrepreneurs such as the world’s wealthiest individual, Bernard Arnault, and Starbucks founder Howard Schultz.
Wiz employs 650 people, 150 of whom work in Israel. The company was founded in March 2020 by CEO Assaf Rappaport, CTO Ami Luttwak, VP Product Yinon Costica and VP R&D Roy Reznik. Rappaport was previously GM of R&D at Microsoft Israel after having sold his previous company Adallom to the tech giant for $320 million in 2015.
Cybersecurity continues to be a major area for investment among businesses and VCs amid a rise in cyberattacks. While a decline from the previous year, venture capital funding in the cybersecurity sector totaled $18.5 billion in 2022, according to Momentum Cyber, an advisor in the cybersecurity industry.
According to NY-based Wiz, more than 35% of Fortune 100 companies, including BMW and Morgan Stanley, as well as Salesforce, Slack, Colgate, and Blackstone, use its platform.
