Twingate, a company that helps businesses deploy Zero Trust cybersecurity quickly, has raised $42 million in Series B fundraising. BOND led the round, which also included current investors WndrCo, 8VC, and SignalFire.
Twingate will use this extra capital to swiftly develop its operations to address the rising demand for simple cybersecurity solutions. Since its introduction in 2020, Twingate has experienced tremendous growth, thanks to the addition of high-profile companies including Bloomreach, Bitpanda, Cameo, Blend, Hippo, and KeepTruckin.
The money will be used to expand Twingate’s product and engineering teams, scale customer-facing services and support teams, expand into Europe and Asia-Pacific, and develop a partner program with IT and security companies.
“We launched Twingate near the beginning of the pandemic, and we’ve seen massive interest in Zero Trust security as companies adjust to the new demands created by distributed work,” said Tony Huie, CEO and Co-Founder of Twingate. “Our mission is to enable any company to start the transition to a Zero Trust security model without massive IT and security budgets. This Series B financing will allow us to aggressively expand our operations to meet heightened demand. We’re thrilled to welcome BOND’s Jay Simons to a seasoned investor group that has scaled some of the most successful software businesses in the world.”
Twingate’s team includes veterans from Dropbox and Microsoft. The company is backed by investors including WndrCo, 8VC, BOND, SignalFire, Green Bay Ventures, and Dropbox founders Drew Houston and Arash Ferdowsi.
The Switch to Zero Trust Security
“Twingate brings a contemporary approach to cybersecurity,” said Jay Simons, General Partner at BOND. “Whether you have 10 or 10,000 employees, Twingate makes it easy for cybersecurity teams to implement solutions that end-users will embrace. It’s rare to find an enterprise security solution provider with both deep technical expertise and a product with consumer-grade usability designed for modern users. I’m looking forward to working alongside the Twingate team to advance the adoption of Zero Trust in enterprises worldwide.”
The significant increase in data breaches over the last decade demonstrates the need to update traditional security strategies that rely on passwords and VPNs, stated Twingate. Companies of all sizes would be shifting to a Zero Trust model of cybersecurity over the next decade to react to these developments, with the movement to the cloud, increased consumption of SaaS apps, proliferation of mobile devices, and, more recently, the trend to default dispersed work led by COVID-19.
About Twingate’s Cybersecurity Solution
Twingate’s goal is to make the switch to Zero Trust security as painless as feasible. Although zero trust security has long been the preferred strategy among IT and security experts, most firms have found it too difficult to execute, added Twingate.
Companies can quickly begin their road to Zero Trust with Twingate, a solution that may integrate into their existing technology stack to bring together identity, device, and contextual information. Twingate’s solution would be easy to set up and deploy, while eliminating the need for legacy technologies such as VPNs while improving security, productivity, and administration.
“It is clear Tony and team have recognized a significant market need,” said Sujay Jaswa, Co-Founder and Managing Partner of WndrCo. “The company’s rapid growth in just over a year since launch proves that businesses of all sizes are hungry for security solutions that are easy to implement and seamless for employees, and we are ecstatic to be able to continue the journey with Tony and team as they scale the company to meet the security needs of organizations all over the world.”