Silverfort, which develops an identity security platform, announced on Tuesday that it has raised $116 million in Series D funding, bringing the total amount raised to $222 million. Brighton Park Capital (BPC) led the round, with participation from existing investors including Acrew Capital, Greenfield Partners, Citi Ventures, General Motors Ventures, Maor Investments, Vintage Investment Partners and Singtel Innov8.
According to co-founder and CEO Hed Kovetz, the company’s valuation in the Series D increased significantly from its previous round in 2021.
The company was founded in 2016 by Kovetz, Matan Fattal, and Yaron Kassner, all graduates of the Israeli military’s Unit 8200. Silverfort currently employs around 280 people, including 150 in Tel Aviv. The company has employees in 15 additional countries across the world.
According to the company, the investment follows another record year of more than 100% growth where Silverfort added tens of millions in new Annual Recurring Revenue (ARR), and hundreds of new enterprise customers, including the largest global financial services, manufacturing and retail companies.
Silverfort’s platform extends modern identity security measures to every enterprise resource, on-prem and in the cloud. It enables Multi-Factor Authentication (MFA), Identity Threat Detection and Response (ITDR), Identity Security Posture Management (ISPM), and real-time protection for privileged users and service accounts. Silverfort connects to the entirety of an organization’s identity infrastructure in a matter of hours.
“This funding round involved a lot of hard work,” Kovetz told Calcalist. “The company is in very good shape and is coming off growth of over 100% last year in the field of identity protection, which has become a very hot field. The use of stolen identities has become very problematic. We have added tens of millions of dollars in annual revenue compared to last year.”
Kovacs emphasizes that in the last eight years, they have successfully built a comprehensive platform in the field of identity protection, positioning themselves as a leading company.
“There are many companies in this field and the purpose of the fundraising is to allow us to run ahead of everyone else,” he explained. “We started very early in this field at a time when there was no hype for identities. In the last two years since the previous round, our positioning has evolved a lot and now we are building the most complete platform for protecting identities.
“On a personal note, as someone born in the Gaza Envelope, these are complex days for me. I believe that preserving and strengthening entrepreneurs, companies, and economic resilience is of the utmost importance to ensure a good future in Israel after the war. We are a proud Israeli company and will continue to establish and further strengthen our activities in Israel.”
