Member Article

Duo Security Raises $70 Million with Valuation of More Than $1 billion

Duo Security announced today that it has raised $70 million in Series D funding led by Meritech Capital Partners and Lead Edge Capital. The Series D round also included new investors, Geodesic Capital and Index Ventures, as well as existing investors Redpoint Ventures and True Ventures. A new strategic partner, Workday, also participated in the round. Duo now ranks among the world’s most valuable private SaaS companies with total funding of $119 million, and a company post-money valuation of $1.17 billion.

Alongside this financial milestone, Duo is also pleased to announce it has exceeded 10,000 customers and protects more than 300 million logins worldwide every month. Additionally, Duo welcomes Lorrie Norrington, Operating Partner for Lead Edge Capital, former eBay President and former Board Member for McAfee, to the Board of Directors and Rob Ward, Co-founder of Meritech, as Board observer.

“Cybersecurity has become the biggest geopolitical problem of our time. We are at a point where every organisation in every industry is challenged with the overwhelming cost and complexity of securing a modern workforce,” said Dug Song, Chief Executive Officer, Duo Security. “Duo pioneered cloud-delivered security by making user access easy, effective, and trustworthy. With this investment, we will continue to innovate solutions to the world’s most fundamental security problems, expand our global reach, and accelerate our leadership position in the industry.”

“In a world with innumerable security products that are difficult to implement, use and maintain, Duo stands alone as a vendor beloved by its customers and end users,” said Rob Ward, Managing Director at Meritech Capital Partners. “As a result, Duo has established itself as the leader in cloud-based trusted access and we are delighted to support their rapid growth.”

This was posted in Bdaily's Members' News section by Duo Security .