Pioneer in cloud-managed enterprise building security and management, Verkada announced a $205 million Series D funding round with new and existing venture partners.
The round was led by Linse Capital, with participation from MSD Partners, L.P., and existing investors, including Felicis Ventures, Next47, Sequoia Capital, Meritech Capital, and First Round Capital. Since its founding in 2016, Verkada has raised more than $360 million in funding and the latest round values the company at $3.2 billion.
Enhance existing offerings
Verkada will use the investment to fulfil its mission to build the operating system for the physical world - specifically by enhancing its existing offerings, developing new product lines, hiring across all functions, and continuing its geographic expansion.
Driven by customer demand for Verkada's solutions, the company has maintained a strong growth trajectory. Since its last fundraising in January 2020, Verkada has both quadrupled its customer count and its team size and opened six new offices. In the last twelve months, Verkada grew its team by 68%, opened three new offices, and nearly doubled its total revenue year-over-year.
Modernising physical security
We've expanded to include five additional product lines that help enterprises to protect and manage their people and assets"
"We founded Verkada in 2016 with the vision to modernise the world of physical security, one of the last industries to experience a migration from on-premise solutions to cloud-based software," said Filip Kaliszan, Co-Founder and CEO of Verkada.
"We started with security cameras and an intuitive cloud-based platform, and in just six years, we've expanded to include five additional product lines that help enterprises to protect and manage their people and assets. This latest commitment of capital is further validation from investors that we are well positioned to capture the opportunity that lies ahead."
Rapid growth
"Verkada has already made impressive strides in responsibly building a long-term, diversified business with numerous product lines, supporting thousands of customers across various industries," said Bastiaan Janmaat, Managing Director at Linse Capital.
"In the face of a challenging broader market environment, we see Verkada as a shining example of a business positioned to stay on its rapid growth trajectory, and we're looking forward to supporting the team as they provide real value for Verkada's end customers."
Physical asset management
Verkada has achieved remarkable growth as it captures this market, reflecting its compelling suite of security"
"The need for businesses to secure and manage their people and physical assets via technology with scale and speed today, a $100 billion addressable market opportunity is mission critical and continues to increase. Verkada has achieved remarkable growth as it captures this market, reflecting both its compelling suite of security products and the quality of the team driving the company forward," said Victor Hwang, Managing Director and co-Head of MSD Growth.
"We are proud to partner with Filip and the Verkada team as they redefine the ways that organisations protect and manage their physical operations."
Cloud-based software platform
Designed with simplicity in mind, Verkada's six product lines- video security cameras, door-based access control, environmental sensors, alarms, guest, and mailroom management provide unparalleled visibility through a single cloud-based software platform.
The platform is trusted by more than 13,000 organisations worldwide, including more than three dozen companies in the Fortune 500.