Nord Security, the company behind NordVPN (opens in a new tab)announced that it has raised $100 million in a funding round led by Novator Ventures with participation from Burda Principal Investments and General Catalyst.
Alongside these investment companies, founders and angel investors including Supercell CEO Ilkka Paananen, Wolt CEO Miki Kuusi and Automattic (opens in a new tab) CEO Matt Mullenweg also joined the round which marks the first time the company has raised outside capital at a $1.6 billion valuation.
Nord Security plans to use the funds to further expand its product line and corporate footprint while accelerating the growth of consumer cybersecurity company Surfshark. (opens in a new tab) with which he joined (opens in a new tab) earlier this year.
One of the reasons for Nord Security’s continued growth is that businesses and consumers face more cyber risks than ever before. In fact, it is estimated that cybercrime (opens in a new tab) will cost the global economy $10.5 billion by 2025, when nearly half of consumers now expect to be hacked. To address these increased threats, a more holistic approach to online security is needed.
Double its mission
When Tom Okman and Eimantas Sabaliauskas founded Nord Security (opens in a new tab) in Lithuania in 2012, they did this to create an internet security and privacy tool easily accessible to everyone.
Now that this has been accomplished, the company’s mission is to build a radically better Internet and restore trust in digital networks by securing consumer and business accounts, networks, and information from advanced cyber threats.
Building on the success of NordVPN, Nord Security has also added a password manager (opens in a new tab) (NordPass (opens in a new tab)), encrypted cloud storage (opens in a new tab) service (NordLocker (opens in a new tab)) and a network access security product (NordLayer (opens in a new tab)) to its offerings to help users secure their passwords, files, and networks.
Co-CEO and co-founder, Tom Okaman (opens in a new tab) congratulated the company’s new investors in a press release and explained how they will help Nord Security achieve its mission, saying:
“Ten years ago, we set out to create security and privacy tools that would help create a safer and more peaceful online future; Today, millions of people trust our products every day to protect them. We are profitable and seeded to date, but in our investors we have found partners who believe in our mission as much as we do, which will allow us to grow faster and double our aspiration to build an internet radically better. We are also honored to play a role in helping Lithuania, a fiercely enterprising country, usher in a new era of technological innovation.