Island, the Dallas-based tech unicorn and a pioneer and leader in the enterprise browser market, has raised $100 million in its Series C financing round, boosting the company’s valuation to $1.5 billion.
Island said the round was led by Prysm Capital and joined by Canapi Ventures, as well as Island’s current funding partners Insight Partners, Stripes, Sequoia, Cyberstarts, and Georgian.
“We’re honored that these amazing new investors, as well as our current investors, have the confidence to join and support us on the next phase of our company journey,” CEO and founder Mike Fey said in a statement.
“This capital infusion will accelerate our ability to scale globally and continue to aggressively invest in R&D, customer success and geographic expansion to cover the major global buying centers. We’re incredibly proud and humbled by our success to date and look forward to driving growth together with our new partners.”
More than 2 million browsers sold
This latest round brings the company’s total outside investment to over $325 million.
Island was valued at $1.3 billion in 2022. Last May, it introduced Self-Protection for its Enterprise Browser, which the startup calls a fundamentally new approach and level of security for enterprise work.
Island said the latest funding comes at a time when it’s experiencing high growth, having demonstrated “extraordinary product-market fit and the go-to-market expertise and skills necessary for broad market penetration across industries and segments.”
To date, Island has sold more than 2 million browsers to customers in all major verticals and segments and has multiple customers ranking in the top 20 of the Fortune 100, the company said.
The company said its browser is solving some of the biggest challenges facing customers, including securing BYOD, work-from-anywhere patterns, and contractor access. In addition to security, Island is aiding customers in boosting workforce productivity and enhancing the user experience, enabled by a mature and comprehensive solution set that covers all devices, operating systems, and application types.
In a recent report on the outlook for enterprise browsers, global consulting firm Gartner said: “Enterprise browsers will evolve to become the core platform for almost all day-to-day enterprise productivity and security software used by the workforce. Software will be delivered on demand via enterprise application marketplaces within the browser all integrated with centralized policy control and analytics.”
What the funders say
Island’s position as a leader in the sector is what makes it attractive, according to its investors.
“Island is a pioneer and clear leader in what has rapidly become one of the most exciting and high-growth product segments in cybersecurity and IT in years,” Jay Park, co-founder & managing partner, Prysm Capital, said in a statement. “There is immense market potential across industries for innovating ways in which employees work securely and productively. Island has demonstrated both product superiority and success in establishing and expanding solutions for many of the largest companies in the world. We could not be more thrilled to be supporting their journey.”
Canapi Ventures co-founder and General Partner Neil Underwood also lauded Island’s position as an industry leader.
“It’s rare to see such rapid adoption of a security technology in the financial sector as we have seen with the Island Enterprise Browser,” Underwood said in a statement. “This is really the holy grail for financial services and fintech, simultaneously delivering unprecedented security and compliance, as well as massive workforce productivity. No security product has ever nailed both of those priorities in the way the Island Enterprise Browser does. We can’t wait to dive in and drive financial sector growth with them.”
Jeff Horing, co-founder and managing director of Insight Partners, said Island’s performance is notable.
“Island’s performance is impressive in any market conditions, but especially considering the recent headwinds facing all companies, particularly those in the growth stage,” he said. “We welcome Prysm and Canapi to the Island juggernaut, and look forward to continuing to build this important category and company together.”
Protecting users and data
Island calls its Enterprise Browser “the desktop of the future, allowing organizations to protect users and data at the very point where they interact with SaaS and internal web applications.”
The browser aims to empower security teams to fully control the last mile, from basic exfiltration protections such as copy, paste, download, upload, and screenshot capture, to more advanced security demands such as smart network routing and multi factor authentication insertion.
Island said that opens up unprecedented opportunities in an ever-increasing variety of enterprise use cases, including securing critical SaaS and internal web applications from data leakage, safe access for contractors and BYOD workers, and full control over privileged user accounts.
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