The new round brings its valuation to
$3.2B, and will accelerate investment
into new and existing product lines, hiring across all functions,
and geographic expansion
SAN
MATEO, Calif., Sept. 14,
2022 /PRNewswire/ -- Leader in cloud-managed
enterprise building security and management, Verkada, today
announced a $205 million Series D
funding round with new and existing venture partners. The round was
led by Linse Capital, with participation from MSD Partners, L.P.,
and existing investors, including Felicis Ventures, Next47, Sequoia
Capital, Meritech Capital, and First Round Capital. Since its
founding in 2016, Verkada has raised more than $360 million in funding and the latest round
values the company at $3.2
billion.
Verkada will use the investment to fulfill its mission to build
the operating system for the physical world - specifically by
enhancing its existing offerings, developing new product lines,
hiring across all functions, and continuing its geographic
expansion.
Driven by customer demand for Verkada's solutions, the company
has maintained a strong growth trajectory. Since its last fundraise
in January 2020, Verkada has both
quadrupled its customer count and its team size, and opened six new
offices. In the last twelve months, Verkada grew its team by 68%,
opened three new offices, and nearly doubled total revenue
year-over-year.
"We founded Verkada in 2016 with the vision to modernize the
world of physical security - one of the last industries to
experience a migration from on-premise solutions to cloud-based
software. We started with security cameras and an intuitive
cloud-based platform, and in just six years, we've expanded to
include five additional product lines that help enterprises to
protect and manage their people and assets," said Filip Kaliszan,
Co-Founder and CEO of Verkada. "This latest commitment of capital
is further validation from investors that we are well positioned to
capture the opportunity that lies ahead."
"Verkada has already made impressive strides in responsibly
building a long-term, diversified business with numerous product
lines, supporting thousands of customers across various
industries," said Bastiaan Janmaat,
Managing Director at Linse Capital. "In the face of a challenging
broader market environment, we see Verkada as a shining example of
a business positioned to stay on its rapid growth trajectory, and
we're looking forward to supporting the team as they provide real
value for Verkada's end customers."
"The need for businesses to secure and manage their people and
physical assets via technology with scale and speed – today, a
$100 billion addressable market
opportunity – is mission critical and continues to increase.
Verkada has achieved remarkable growth as it captures this market,
reflecting both its compelling suite of security products and the
quality of the team driving the company forward," said Victor Hwang, Managing Director and co-Head of
MSD Growth. "We are proud to partner with Filip and the Verkada
team as they redefine the ways that organizations protect and
manage their physical operations."
Designed with simplicity in mind, Verkada's six product lines —
video security cameras, door-based access control, environmental
sensors, alarms, guest, and mailroom management — provide
unparalleled visibility through a single cloud-based software
platform. Today, the platform is trusted by more than 13,000
organizations worldwide, including more than three dozen companies
in the Fortune 500.
For more information on Verkada's products and the impact they
are delivering to customers today, see here.
About Verkada
Verkada is the leading physical security platform to protect
people and assets in a privacy-respecting manner. Designed with
simplicity in mind, Verkada's six product lines - video security
cameras, access control, environmental sensors, alarms, visitor
management and mailroom management - provide unparalleled
visibility of building security through an integrated, secure
cloud-based software platform. Over 13,000 organizations worldwide
trust Verkada as their physical security layer for easier
management, intelligent control, and scalable deployments.
About Linse Capital
Linse Capital is a growth equity firm that leverages
multi-decade macro trends and deep sector knowledge to partner with
a select number of entrepreneurs in the energy, mobility and
logistics sectors, helping their businesses become world leaders in
their respective industries. Linse Capital's portfolio includes
ChargePoint (NYSE: CHPT), Redaptive, Skydio, Valens (NYSE: VLN) and
Verkada. Linse Capital is based in Puerto
Rico with team members in California and Florida and has $1.9
billion in AUM. For more information, please visit
www.linsecapital.com.
About MSD Partners
MSD Partners, L.P. is a leading investment firm focused on
maximizing long-term capital appreciation across its core areas of
investing expertise – Credit, Growth, Private Capital and Real
Estate. The Firm deploys capital on behalf of Dell Technologies
founder and CEO Michael Dell and his
family, as well as other like-minded, long-term-oriented investors.
MSD Growth seeks to back exceptional growth businesses with proven
unit economics and strong commercial acceptance of their products,
including companies such as 6Sense, Fanatics, Flexport, Guesty,
iCapital and Stripe. For further information about MSD Partners,
please see www.msdpartners.com.
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SOURCE Verkada