Verkada Raises $205M, Now Valued at $3.2B
Since its founding in 2016, Cloud-managed security provider Verkada has raised more than $360 million in funding.
Verkada's six product lines include video security cameras, door-based access control, environmental sensors, alarms, guest and mailroom management.
SAN MATEO, Calif. — Verkada, a provider of Cloud-managed enterprise building security and management, announces 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 says it 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.
“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,” says 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.”
Since its last fundraise in January 2020, Verkada has both quadrupled its customer count and its team size, and opened six new offices, the company notes. In the last 12 months, Verkada grew its team by 68%, opened three new offices and nearly doubled total revenue year-over-year.
“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,” comments 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.”
Verkada’s six product lines consist of video security cameras, door-based access control, environmental sensors, alarms, guest and mailroom management that operate on a single Cloud-based software platform. Today, the platform is said to be utilized by more than 13,000 organizations worldwide, including more than three dozen companies in the Fortune 500.
“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,” adds 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.”
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