Cyber startup Island’s valuation surges to $4.5 billion in new funding round
Cyber startup Island’s valuation surges to $4.5 billion in new funding round
The cybersecurity company has quadrupled its valuation since October 2023 as demand for secure enterprise browsers grows.
Cybersecurity startup Island, which develops a secure enterprise browser, is raising new funding at a $4.5 billion valuation, Bloomberg has revealed. Island raised $175 million in a Series D financing round in April 2024, doubling its valuation to $3 billion. Island, which raised $100 million in a Series C at a $1.5 billion valuation in October 2023, has raised a total of $487 million to date.
The Series D was led by new investor Coatue and existing investor Sequoia Capital and also included other existing investors such as Insight Partners, Stripes, Georgian, and Prysm Capital.
Island, founded by CEO Mike Fey and CTO Dan Amiga, employs over 250 people, 150 of them in Tel Aviv where Amiga leads the operations. The company is estimated to have annual revenue in the tens of millions of dollars.
Fey was previously president and COO at Symantec and GM and CTO of McAfee. Amiga was previously the founder and CTO of Fireglass. Amiga is a serial entrepreneur who met Fey when Symantec acquired Fireglass for $250 million. Amiga was involved in founding and investing in several other cyber startups, all involving former Fireglass staff, including Axis Security, Cycode, and Build.Security, which was acquired by Elastic in August 2021.
The Island Enterprise Browser aims to provide enterprises with advanced security, IT and network controls, data protections, application access and advanced productivity features in a browsing experience. Using the Island Enterprise Browser, security teams fully control the last mile, from basic protections such as copy, paste, download, upload, and screenshot capture, to more advanced security demands such as data redaction, watermarking and multi-factor authentication insertion.
