Adrian Johnson
TLDR:
- Israeli cybersecurity startup Silverfort has raised $116 million in a Series D funding round led by Brighton Park Capital.
- The funding will be used for internal growth, expanding the company’s footprint, and further developing its platform.
- Silverfort provides identity protection with a single layer that operates across distributed environments of enterprises, extending identity protection to all resources.
- The round is in contrast to declining venture funding for Israel-based startups and a downturn in cybersecurity funding.
Israeli cybersecurity startup Silverfort has secured $116 million in a Series D funding round led by Brighton Park Capital, defying recent trends of declining investment in cybersecurity and Israel-based startups. Silverfort aims to provide identity protection with a single layer that operates on top of all distributed environments, extending protection to all resources. The funding will be used for internal growth, expanding the company’s footprint, and further developing its platform. Silverfort has experienced 100% year-on-year revenue growth and has raised a total of $222 million since its founding in 2016. This funding round is the fifth largest by an Israel-based startup since early last year.
Israel-based startups have seen a decline in venture funding, with Q4 2023 marking the lowest point since early 2017. Tensions and violence in the region have contributed to the slump, with just over half a billion dollars invested in private companies during the quarter. Silverfort’s funding round stands out as a notable exception to this trend. Cybersecurity funding also experienced a downturn in Q4, with cyber startups raising only $1.6 billion, the lowest quarter since Q3 2018. Silverfort’s successful funding round comes as a welcome sign for the industry.
Founded in 2016, Silverfort has grown rapidly and positioned itself as a leader in the cybersecurity space. The company’s unique approach to identity protection addresses the vulnerabilities that exist in enterprise security infrastructures. With its latest funding, Silverfort is well-positioned to continue its growth and expansion in the cybersecurity market.
