Teleport Raises $110 Million Series C at $1.1 Billion Valuation Led by Bessemer Venture Partners with Participation from New Investor Insight Partners
Funding follows dramatic revenue growth as identity-based access requirements skyrocket
OAKLAND, Calif., May 3, 2022 /PRNewswire/ -- Teleport, the leading provider of Identity-based Infrastructure Access Management, today announced it has raised $110 million in Series C funding led by Bessemer Venture Partners with participation from Insight Partners and existing investors Kleiner Perkins and S28 Capital. This investment brings Teleport's total funding raised to $169 million at a current valuation of $1.1 billion, and comes after the company nearly tripled its revenue and doubled its customer base from 2020 to 2021.
As a part of the investment, Bessemer Venture Partners' Mary D'Onofrio will take a seat on Teleport's board, and Insight Partners' Matt Koran will be a board observer. In August 2021, Teleport announced its $30 million Series B round led by S28 Capital and Kleiner Perkins.
"Growing complexity of modern cloud environments has led to a situation where managing secure access to infrastructure begins to break, as evidenced by increased frequency and severity of breaches.," said Ev Kontsevoy, co-founder and CEO, Teleport. "Our customers are forward thinking organizations that are scaling quickly. They realized that the right way to scale access is consolidation across all protocols and environments. Our platform, the open-source Teleport Access Plane, addresses these challenges by giving every engineer, every piece of hardware and every application an identity. With identity based access for everyone and everything, more security threats are neutralized and the impact of breaches is dramatically reduced without impacting developer productivity."
As organizations deal with complexity because of shifts to the cloud, modernization of IT stack and growth of mixed infrastructure environments, Teleport's open-source Access Plane technology consolidates the four essential capabilities every security-conscious organization needs: connectivity, authentication, authorization and audit. By providing the only cloud-native, identity-based infrastructure access solution for humans and machines, Teleport eliminates network perimeter security issues, reduces attack surface area, cuts operational overhead, enforces security & compliance, and improves developer productivity, all at once.
With this latest funding, Teleport will expand its go-to-market organization to serve its fast-growing, global customer base. Teleport will also bolster its R&D organization to solve the most complex security challenges faced by organizations of all sizes.
"Now, more than ever, is the time to make it easy for any company to employ world class security practices as global cyber attacks become more and more sophisticated," said Mary D'Onofrio, partner and co-founder of growth investment practice, Bessemer Venture Partners. "With Teleport, security becomes stronger *and* simpler for both humans and machines, making it possible to deploy and enforce security and compliance best-practices throughout all organizations. We're excited to lead this round and I am looking forward to working closely with Ev and his team to offer elegant cybersecurity solutions to a growing customer base of household names."
Customers including Doordash, Elastic, Nasdaq, Snowflake and others use Teleport to secure digital infrastructure access for remote and hybrid workforces and combat the ever-increasing cyber threats.
"Speed is key to our business. But so is security," said Luke Christopherson, Software Engineer at Doordash. "The Teleport Access Plane allows our engineers to securely access the infrastructure they need to do their jobs without getting in the way of productivity. Everybody wins."
Teleport recently announced Teleport 9, the latest edition of the open-source Teleport Access Plane. This release introduced Teleport Machine ID which delivers identity-based access and audit capabilities for resources including servers and databases, CI/CD automation, service accounts and custom code in applications such as microservices. Teleport 9 also included Teleport Connect, a secure, developer-friendly browser for cloud infrastructure. The browser solves the issues posed by terminals optimized for local environments when a majority of development now happens in the cloud.
Steven Dickens, Senior Analyst, Futurum Research commented, "As digital transformation takes hold from the core to the edge, security becomes more critical. The team at Teleport are focused on delivering cloud-native, identity-based infrastructure access solutions for both humans and machines. The announcement today take the company one step closer to its mission of eliminating the need for secrets when accessing infrastructure, and as a result delivering both simpler, stronger identity-based authentication."
To learn more about Teleport and today's news, visit the company's website or most recent blog about the funding.
About Teleport
Teleport, leading provider of Identity-based Infrastructure Access Management, consolidates the four essential infrastructure access capabilities every security-conscious organization needs: connectivity, authentication, authorization, and audit. Teleport's unique approach is not only more secure but also improves developer productivity. Teleport is used by leading companies including Elastic, Snowflake, Doordash, and NASDAQ. The company is backed by Bessemer Venture Partners, Insight Partners, Kleiner Perkins, and S28 Capital. Headquartered in Oakland, California, the company embraces a remote-first work culture.
About Bessemer Venture Partners
Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long-standing companies. With more than 135 IPOs and 200 portfolio companies in the enterprise, consumer and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth. Bessemer's global portfolio includes Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr and Toast and has $9 billion of capital under management. Bessemer has teams of investors and partners located in Tel Aviv, Silicon Valley, San Francisco, New York, London, Boston, Beijing and Bangalore. Born from innovations in steel more than a century ago, Bessemer's storied history has afforded its partners the opportunity to celebrate and scrutinize its best investment decisions (see Memos) and also learn from its mistakes (see Anti-Portfolio).
Media Contact:
Sarah Lytle
Bateman Agency for Teleport
[email protected]
SOURCE Teleport
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