Nord Security, an internet privacy and security company, says the latest investment will expand product offerings and growth through mergers and acquisitions.
The company announced a $100 million financing round from Warburg Princus, a global private equity firm. Nord Security said it will use the funds to expand its products and accelerate growth “through strategic mergers and acquisitions.”
“In just over a year, by focusing on continuous growth and raising new funding, Nord Security has doubled its valuation to $3B,” the company, valued at $1.6B a year ago, said.
Nord Security raised its first $100 million in 2022, with financing from Novator Ventures and Burda Principal Investments.
“Ten years of bootstrapping forces you to get good at managing your money, whether you want it or not. That will not change for us.”
Okman said.
Nord Security owns the popular VPN service NordVPN, password manager NordPass, network access security software for businesses NordLayer, and encrypted cloud storage NordLocker.
According to Tom Okman, co-CEO and co-founder at Nord Security, the company’s philosophy was always about making the most out of every dollar.
“Ten years of bootstrapping forces you to get good at managing your money, whether you want it or not. That will not change for us. What will change is that we’ll be in an even better position to reach our goals. We’ll improve our product line, innovate, and address the growing user demands. If we see an opportunity to create synergies with current market players, M&As are also on the table,” Okman told Cybernews.
Meanwhile, Eimantas Sabaliauskas, co-CEO and co-founder at Nord Security, said that the only way to thrive in in cybersecurity is to be fast and flexible, adapting to new challenges users face on the internet.
“Let’s say you try to look at the future of tech. You can confidently say that AI or quantum computing will play a major role here. Sooner or later you will be correct. But how soon, exactly? Markets changed overnight when users figured out how accessible the new LLMs were. Flexible companies that implemented them the fastest now hold an advantage,” Sabaliauskas explained to Cybernews.
Okman says that the company wants to continue offering advanced security solutions for both professional and casual internet users.
“The new financing round, together with our investors’ experience and know-how, allows us to be in an even stronger position to make the Nord name synonymous with online privacy and security,” Okman said.
Last year, Nord Security formed a group of companies with the cybersecurity company Surfshark, which offers consumer VPN, Antivirus, the online data leak detection system Alert, and the online identity protection tool Alternative ID, among other tools.
“This second financing round is a clear signal that the cybersecurity needs are growing, and we’re pleased to have found investors who understand that. This investment opens up new possibilities for us to scale our product offering, continue strengthening our position in the market, and will allow us to accelerate our growth as a company,” shares Vytautas Kaziukonis, CEO and founder of Surfshark.
According to Sabaliauskas that the company is focusing on building a community of experts to build its products.
“Over the years we focused on fostering a community where driven experts are welcomed and enabled to make a radically better internet,” Sabaliauskas said.
Nord Security was founded in Lithuania in 2012 by co-founders and co-CEOs Tom Okman and Eimantas Sabaliauskas. Nord Security operates in more than 20 markets and employs around 2,000 professionals globally.
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