Lithuanian unicorn Nord Security secures $100M funding, valued at $3B
29 September, 2023, 10:38
Lithuanian tech company Nord Security has raised another round of financing, nearly doubling its valuation in one year to $3 billion. The $100 million funding was led by Warburg Pincus, Financial Times reports.
- Nord Security was founded in 2012 by Tom Okman and Eimantas Sabaliauskas. The company is based in Vilnius and has currently expanded to US, UK, Canada, Australia, and most of EU among other markets.
- The company’s chief product is NordVPN, which has millions of users worldwide. Besides, the company works on a password manager NordPass and an encrypted cloud storage NordLocker.
- In April 2022, Nord Security secured its first $100 million, becoming Lithuania’s second tech unicorn with valuation reaching up to $1.6 billion. The financing came from Novator Ventures, Burda Principal Investments, who also joined for the current round, as well as General Catalyst, and angel investors.
- According to Financial Times, the significant financing suggests Nord Security is an outlier compared with other technology companies that have dropped in value over the past year amid a broader slowdown in venture capital markets.
- The fresh capital enables Nord Security to expand its product range and buy other companies.