Cybersecurity startup Chainguard almost triples valuation to $3.5 billion after fundraise
Computer and cloud security startup Chainguard said on Wednesday its latest funding round valued it at $3.5 billion, almost tripling in less than a year, underscoring sustained investor appetite for robust digital infrastructure.
The company said it had raised $356 million in a series D round, led by new investor Kleiner Perkins and existing investor IVP, with additional participation from new investors such as Salesforce Ventures and Datadog Ventures.
Enterprises are increasingly prioritizing cybersecurity measures as a rapid digital transformation across industries has increased the risk of online attacks and hacks, prompting businesses to spend more on safeguarding their domains.
"Investors recognize that companies won't delay security investments when the downside risk is reputational ruin, regulatory penalties, or even operational collapse," said Derek Hernandez, senior emerging technology analyst at PitchBook.
Disruptions caused by the global CrowdStrike outage last year have also encouraged some companies to boost their budgets on protecting digital assets.
Chainguard's last fundraising in July 2024, which valued it at $1.12 billion, was also co-led by IVP, along with Redpoint Ventures and Lightspeed Venture Partners.
"Today, major cybersecurity funding continues, even amid recession fears," Hernandez added.
Total funding to VC-backed cybersecurity startups hit nearly $11.6 billion last year, up 43 per cent over 2023, according to Crunchbase data, showing cybersecurity startups continue to draw investment even in an otherwise subdued venture capital environment.
Last month, AI-powered cybersecurity firm ReliaQuest raised more than $500 million at a valuation of $3.4 billion.
Chainguard — whose customers include Anduril, ANZ Bank, Canva, GitLab and Hewlett Packard Enterprise — has so far raised $612 million.
The startup, founded in 2021, provides tools and services to help clients keep their software secure.
Chainguard grew its annual recurring revenue seven times to $40 million in fiscal year 2025, it said.
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