With an ever-increasing attack surface, it is a constant struggle for companies of all sizes to protect their critical assets from bad actors and cyber hackers. That is why Minneapolis-based cybersecurity startup NetSPI is on a mission to protect enterprises with a comprehensive suite of offensive security solutions and stay ahead of the bad guys.
NetSPI has secured $410 million in growth funding from the global investment firm KKR, which is also an existing investor in the company. The latest investment, which confirms investors confidence in the company's direction, further validates NetSPI's significant outperformance since KKR's initial investment in May 2021.
This investment comes after NetSPI's most recent $90 million funding round from KKR and cybersecurity specialist investor Ten Eleven Ventures and comes from KKR's Technology Growth strategy, which is dedicated to growth equity investment opportunities in leading high-growth technology companies in North America, Europe and Israel.
NetSPI will use the new cash infusion to support its continued technology innovation, talent acquisition and global expansion, as well as recapitalize NetSPI's first institutional investor Sunstone Partners.
NetSPI, founded in 2001, uses its technology-powered, human-based penetration testing approach to improve the security of organizations around the world, including the top financial institutions, largest cloud providers, leading healthcare organizations, and many Fortune 500.
NetSPI's comprehensive suite of offensive security solutions, including Attack Surface Management, Penetration Testing as a Service PTaaS and Breach and Attack Simulation, helps companies find critical security gaps, minimize risk and reduce the likelihood of a security incident.
Jake Heller, Partner and Head of KKR's Technology Growth team in the Americas said we are excited to double down on our investment in NetSPI to help build a differentiated leader in offensive cyber security. We have been impressed by the performance of the company and the exceptional execution of Aaron and his team over the past 18 months. We believe this is just the beginning of what we can do together. The company has grown its revenue five-fold over the past five years, exceeding 50 percent organic revenue growth in 2021 and 61 percent growth in 2022 to date.
Aaron Shilts, CEO at NetSPI, said that we are grateful and proud of the industry disruption we drove during our partnership with Sunstone Partners. As we look forward to this next chapter, NetSPI will continue to challenge the status quo in offensive security.