The new round brings its valuation to $3.2B, and will accelerate investment into new and existing product lines, hiring across all functions, and geographic expansion
SAN MATEO, Calif., Sept. 14, 2022 /PRNewswire/ -- Leader in cloud-managed enterprise building security and management, Verkada, today announced a $205 million Series D funding round with new and existing venture partners. The round was led by Linse Capital, with participation from MSD Partners, L.P., and existing investors, including Felicis Ventures, Next47, Sequoia Capital, Meritech Capital, and First Round Capital. Since its founding in 2016, Verkada has raised more than $360 million in funding and the latest round values the company at $3.2 billion.
Verkada will use the investment to fulfill its mission to build the operating system for the physical world - specifically by enhancing its existing offerings, developing new product lines, hiring across all functions, and continuing its geographic expansion.
Driven by customer demand for Verkada's solutions, the company has maintained a strong growth trajectory. Since its last fundraise in January 2020, Verkada has both quadrupled its customer count and its team size, and opened six new offices. In the last twelve months, Verkada grew its team by 68%, opened three new offices, and nearly doubled total revenue year-over-year.
"We founded Verkada in 2016 with the vision to modernize the world of physical security - one of the last industries to experience a migration from on-premise solutions to cloud-based software. We started with security cameras and an intuitive cloud-based platform, and in just six years, we've expanded to include five additional product lines that help enterprises to protect and manage their people and assets," said Filip Kaliszan, Co-Founder and CEO of Verkada. "This latest commitment of capital is further validation from investors that we are well positioned to capture the opportunity that lies ahead."
"Verkada has already made impressive strides in responsibly building a long-term, diversified business with numerous product lines, supporting thousands of customers across various industries," said Bastiaan Janmaat, Managing Director at Linse Capital. "In the face of a challenging broader market environment, we see Verkada as a shining example of a business positioned to stay on its rapid growth trajectory, and we're looking forward to supporting the team as they provide real value for Verkada's end customers."
"The need for businesses to secure and manage their people and physical assets via technology with scale and speed – today, a $100 billion addressable market opportunity – is mission critical and continues to increase. Verkada has achieved remarkable growth as it captures this market, reflecting both its compelling suite of security products and the quality of the team driving the company forward," said Victor Hwang, Managing Director and co-Head of MSD Growth. "We are proud to partner with Filip and the Verkada team as they redefine the ways that organizations protect and manage their physical operations."
Designed with simplicity in mind, Verkada's six product lines — video security cameras, door-based access control, environmental sensors, alarms, guest, and mailroom management — provide unparalleled visibility through a single cloud-based software platform. Today, the platform is trusted by more than 13,000 organizations worldwide, including more than three dozen companies in the Fortune 500.
For more information on Verkada's products and the impact they are delivering to customers today, see here.About Verkada
Verkada is the leading physical security platform to protect people and assets in a privacy-respecting manner. Designed with simplicity in mind, Verkada's six product lines - video security cameras, access control, environmental sensors, alarms, visitor management and mailroom management - provide unparalleled visibility of building security through an integrated, secure cloud-based software platform. Over 13,000 organizations worldwide trust Verkada as their physical security layer for easier management, intelligent control, and scalable deployments.About Linse Capital
Linse Capital is a growth equity firm that leverages multi-decade macro trends and deep sector knowledge to partner with a select number of entrepreneurs in the energy, mobility and logistics sectors, helping their businesses become world leaders in their respective industries. Linse Capital's portfolio includes ChargePoint (NYSE: CHPT), Redaptive, Skydio, Valens (NYSE: VLN) and Verkada. Linse Capital is based in Puerto Rico with team members in California and Florida and has $1.9 billion in AUM. For more information, please visit www.linsecapital.com.About MSD Partners
MSD Partners, L.P. is a leading investment firm focused on maximizing long-term capital appreciation across its core areas of investing expertise – Credit, Growth, Private Capital and Real Estate. The Firm deploys capital on behalf of Dell Technologies founder and CEO Michael Dell and his family, as well as other like-minded, long-term-oriented investors. MSD Growth seeks to back exceptional growth businesses with proven unit economics and strong commercial acceptance of their products, including companies such as 6Sense, Fanatics, Flexport, Guesty, iCapital and Stripe. For further information about MSD Partners, please see www.msdpartners.com.
SOURCE Verkada