Dallas-based Island has announced details of its $250 million Series E financing round, which brings its valuation to $4.8 billion. That soaring valuation comes less than five years after Island’s 2020 founding and three years after it emerged from stealth with the launch of its Enterprise Browser. 

Dallas Innovates first wrote about the new funding last month, based on reporting by Bloomberg.

“The Enterprise Browser upgrades web browsers from a dedicated consumer software package to an enterprise-ready solution, adding value to knowledge workers, IT departments, and security teams. Island improves productivity, simplifies the IT stack, reduces complexity, and embeds security,” Mike Fey, co-founder and CEO of Island, said in a statement. “Organizations of all sizes and industries have made Island the cornerstone of their IT modernization initiatives. The new funding will help scale our product development and talent acquisition to meet enterprises’ demanding and evolving IT needs.”

$730M raised to date

Coatue Management led the Series E round, with several existing investors also participating. Island said it has secured roughly $730 million in outside investment to date.

Island has around 500 employees, with more than 200 in product development and engineering, the company said. Since it launched its Enterprise Browser in February 2022, it has secured 450 customers, with annual recurring revenue more than doubling each year following the launch.

“Customer collaboration has been the key to building the Enterprise Browser since day one,” said Dan Amiga, co-founder and CTO of Island. “Creating and growing a new category requires deep technical partnerships and maximum trust between CIOs, CISOs, and product teams. Our customers’ input has been invaluable to securing their sensitive data, eliminating IT inefficiencies, and making IT work best for end users.”

‘Supporting the next stage of growth’

Island said it has seen traction across every major vertical and size of organization, from Fortune 1000 enterprises to small and midmarket companies to government agencies and higher education institutions.

“We’re thrilled to continue our partnership with Island as they scale their vision and bring greater security and productivity to the modern workplace,” Coatue General Partner David Schneider said in a statement.

“Island’s world-class executive team has continued to deliver a product that drives immense value for enterprise executives and end users alike. As AI adoption continues to accelerate, Island is helping establish a new industry standard,” Schneider added. “Companies of all sizes should now rely on secure environments like Island to remain competitive and protect their operations. We look forward to supporting their next stage of growth.”

The company said the Island Enterprise Browser is the ideal enterprise workspace in which application delivery is simple, data is fundamentally secure, and work itself is smooth and natural.

Island said that by embedding the core IT, security, and productivity needs into the browser itself, Island provides organizations with unprecedented last-mile control, enabling them to precisely govern all browser activity.

Leading enterprises “across all industries” are using the Enterprise Browser to deliver secure access to SaaS and web apps, enable zero-trust network access, make BYOD viable, onboard contractors in minutes not weeks, support smooth M&A transitions, reduce reliance on virtual desktop infrastructure (VDI), and transform how work gets done, the company said.

Island’s investors include Canapi Ventures, Capital One Ventures, Cisco Investments, Citi Ventures, Coatue Management, Cyberstarts, EDBI, Georgian, Insight Partners, Prysm Capital, Sequoia Capital, ServiceNow Ventures, and Stripes.

Island’s research and development is led from Tel Aviv, Israel.

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