Virtru Closes $60M Growth Financing Round Co-Led by ICONIQ Growth and Foundry Capital, with Participation from Tiger Global and MC2
As the world migrates to a Zero Trust cybersecurity model, investors back Virtru to make Trusted Data Format (TDF) the open standard for sharing and protecting sensitive data
WASHINGTON, Jan. 20, 2022 (GLOBE NEWSWIRE) — Virtru, a leader in data protection and inventor of the open TDF standard, today announced that it has raised $60 million in growth financing co-led by existing investor ICONIQ Growth and new investor Foundry Capital. Other participants in the round include Tiger Global, MC2, Bessemer Venture Partners and New Enterprise Associates. Michael Chertoff, former Secretary of the Department of Homeland Security and co-founder and executive chairman of MC2, and Jon Ein, CEO of Foundry Capital, will join Virtru’s board of directors.
Virtru will use the funding round to accelerate the delivery of new products across its data protection portfolio and continue to scale with hiring across sales and marketing, research and development, and customer success. To support these growth plans, Matt Howard, former CMO of Sonatype, has joined Virtru as CMO.
Interest in Zero Trust data protection (ZTDP) has surged over the past several years due to increases in the number and sophistication of cyber attacks; new risks posed by remote work; and recognition that perimeter-based security strategies are insufficient in a cloud-native world. Today, more than 7,000 organizations use Virtru to safeguard and encrypt their most sensitive data as it flows in and out of email and file-sharing platforms, SaaS applications, and cloud environments. Virtru’s data protection solutions are built on top of the Trusted Data Format (TDF), the leading data control standard for the U.S. intelligence community and widely recognized as the gold standard for persistent and policy-based data governance.
“An effective Zero Trust architecture requires cybersecurity professionals to embrace a fundamentally different mindset, one that’s much less about defending porous perimeters and much more about protecting sensitive data,” said John Ackerly, CEO of Virtru. “Today, our innovative products enable businesses to easily respect and protect the flow of sensitive data. This latest round of investment is not only a testament to our progress thus far, but also reflects the massive opportunity to establish TDF as the open standard for Zero Trust data protection.”
“We originally invested in Virtru because we believed that the TDF was one of the most innovative approaches to protecting sensitive data flowing through enterprise workflows,” said Will Griffith, founding partner at ICONIQ Growth. “Fast forward to today, and Virtru has now protected more than 1 billion digital assets. This latest investment reflects our strong belief that the company is well positioned to serve as the data-centric policy control plane for all things Zero Trust.”
“We have been tracking Virtru for years and are fortunate to become a shareholder at a time when the need for the company’s products has never been more urgent. Corporations and governments are generating and sharing unprecedented levels of sensitive data, and Virtru is the most powerful and user-friendly platform to protect and control that data wherever it goes,” said Ein. “We are excited to partner with John and his team as they continue to scale the business and fulfill their important data security mission.”
“I believe the first principle of security is to protect data and prevent breaches,” said Secretary Chertoff. “That said, many of our clients are struggling to prepare for and build capabilities necessary to navigate today’s complex threat environment, especially as it relates to data. We have been working closely with Virtru and see a massive opportunity for TDF in government, especially in fostering secure collaboration with mission partners.”
“Virtru’s mission from day one was to deliver Zero Trust protection with an elegant, frictionless product,” said Bessemer partner David Cowan. “As their lead Seed and Series A investor, it’s gratifying to see the market validate Virtru’s unwavering commitment to a seamless user experience.”
At Virtru, we empower organizations to easily unlock the power of data while maintaining control, everywhere it’s stored and shared. Virtru is trusted by more than 7,000 global customers to power their Zero Trust strategies and safeguard their most sensitive data in accordance with the world’s strictest security standards. Creators of TDF (Trusted Data Format), the open industry standard for persistent data protection, Virtru provides encryption technology for data shared through email, collaboration tools, cloud environments, and enterprise SaaS applications. For more information, visit https://www.virtru.com
ICONIQ Growth partners with exceptional entrepreneurs and leaders who drive global impact and change. We are inspired by visionaries defining the future of their industries by building company cultures that endure. Our unique investment platform harnesses the power of ICONIQ Capital’s vibrant ecosystem of founders, pioneers, and business leaders with the goal of delivering tangible value and amplifying our portfolio companies’ success from early growth stage to IPO and beyond. ICONIQ Growth’s portfolio of innovators include Adyen, AirBnB, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro, Procore, Red Ventures, Relativity, ServiceTitan, Snowflake, Sprinklr, Truckstop, Uber, Wolt, and Zoom, among others. For more information and a complete list of portfolio companies, please visit ICONIQGrowth.com.
About Foundry Capital
Foundry Capital is an investment partnership led by Jon Ein and Gary Mueller, both entrepreneurs, investors and long-time friends. Between them, Jon and Gary have invested in dozens of companies across stages and industries, including SaaS, fintech, insurance, LED technology, transportation and travel. The partnership generally looks to invest between $15-$75m with flexibility and a solutions-oriented approach to capital structure. Foundry is people-driven, motivated to help great management teams with unique products reach their full potential. Besides their own capital, Foundry brings in top quality co-investors with relationships and skill sets relevant to support the particular investment.
REQ for Virtru