CPE News Brief (10.23.2023) – Island Technology, Inc. has raised US $100 million in its Series C financing round, which values Island at $1.5 billion.
Prysm Capital led the financing and was joined by Canapi Ventures, as well as Island’s current funding partners Insight Partners, Stripes, Sequoia, Cyberstarts and Georgian. This latest funding round brings Island’s total outside investment to over $325 million.
Island’s investors also include Cisco Investments.
Founded by Mike Fey and Dan Amiga, Island is the pioneer and market leader of the enterprise browser market. “Island’s Enterprise Browser is the ideal enterprise workplace, where work flows freely while remaining fundamentally secure. With the core needs of the enterprise naturally embedded in the browser itself, Island gives organizations complete control, visibility, and governance over the last mile, while delivering the same smooth Chromium-based browser experience users expect, boosting both security and productivity.”
photo credit: Island
Island Raises $100 Million In Series C Funding; Increases Valuation to $1.5 Billion
Led by Prysm Capital and joined by Canapi Ventures and existing venture partners, new funding validates massive product-market fit, and accelerates market penetration and high revenue growth
October 23, 2023 09:00 AM Eastern Daylight Time
DALLAS–(BUSINESS WIRE)–Island, the pioneer and leader in the enterprise browser market, today announced that it has raised $100 million in its Series C financing round, which values Island at $1.5 billion. 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. This latest funding round brings Island’s total outside investment to over $325 million.
This financing comes as Island is experiencing high growth, having clearly demonstrated extraordinary product-market fit and the go-to-market expertise and skills required for broad market penetration across industries and segments. To date, Island has sold over 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 Island Enterprise Browser is solving some of the most pressing challenges customers face, including securing BYOD, work-from-anywhere patterns, and contractor access. Beyond security, Island is also helping customers boost workforce productivity and improve user experience, enabled by a mature and comprehensive solution set that spans all devices, operating systems, and application types.
Industry watchers have weighed in on the significance and growth potential of the rapidly emerging enterprise browser category. In a recent report on the emergence of enterprise browsers*, Gartner stated, “Enterprise browsers will evolve to become the core platform for almost all the 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.”
“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,” said Jay Park, Co-Founder & Managing Partner, Prysm Capital. “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.”
“It is rare to see such rapid adoption of a security technology in the financial sector as we have seen with the Island Enterprise Browser,” said Neil Underwood, Co-founder and General Partner at Canapi Ventures. “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.”
“We are 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,” said Mike Fey, Island CEO and Co-founder. “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 are incredibly proud and humbled by our success to date, and look forward to driving growth together with our new partners.”
“Island’s performance is impressive in any market conditions, but especially considering the recent headwinds facing all companies, particularly those in the growth stage,” said Jeff Horing, Co-founder and Managing Director of Insight Partners. “We welcome Prysm and Canapi to the Island juggernaut, and look forward to continuing to build this important category and company together.”
The Enterprise Browser
The Enterprise Browser is the desktop of the future, enabling organizations to protect users and data at the very point where they interact with SaaS and internal web applications. By using the Island Enterprise Browser, security teams can 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. This opens up unprecedented opportunities across a growing number of enterprise use cases, including securing critical SaaS and internal web applications from data leakage, safe access for contractors and BYOD workers, and full governance over privileged user accounts. It also delivers a native user experience for the hybrid worker in contrast to costly and poor-performing virtual desktop infrastructure (VDI), while supporting built-in safe browsing, web filtering, web isolation, exploit prevention, and Zero Trust network access at much lower cost and with a significantly better user experience.
Island is the pioneer and market leader of the enterprise browser market. Island’s Enterprise Browser is the ideal enterprise workplace, where work flows freely while remaining fundamentally secure. With the core needs of the enterprise naturally embedded in the browser itself, Island gives organizations complete control, visibility, and governance over the last mile, while delivering the same smooth Chromium-based browser experience users expect, boosting both security and productivity. Led by experienced leaders of the enterprise security and browser technology space and backed by leading venture funds – Insight Partners, Sequoia Capital, Cyberstarts, Stripes, Georgian, Cisco Investments, Prysm Capital and Canapi Ventures – Island is redefining the future of work for some of the largest, most respected enterprises in the world. Island is based in Dallas with research and development in Tel Aviv and can be reached at email@example.com or (866) 832-7114.
*1 Source: Gartner, Emerging Tech: Security — The Future of Enterprise Browsers, Dan Ayoub, Evgeny Mirolyubov, Max Taggett, Dave Messett, 14 April 2023
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