"Next week, the sector is expected to add one more public company: the cloud cybersecurity platform Netskope. The 13-year-old startup also shares its earliest and largest investor with Rubrik: Lightspeed Venture Partners. The large Silicon Valley firm had a 23.9% ownership of Rubrik when it went public at $6.6 billion last year. In the case of Netskope, Lightspeed owns 19.3% of the company that aims to achieve a valuation of as much as $6.5 billion, according to the updated S1 filing."
"Lightspeed first backed Netskope in 2013, leading the company's $21 million Series B. The company set its IPO price between $15 and $17 per share, and at the upper end of that range, it would be valued at $6.5 billion, giving Lightspeed an approximately $1.1 billion windfall, in terms of the value of its stake. The Netskope's other major investors include ICONIQ Growth, which holds 19.2% of the company's stock, followed by Accel with a stake of nearly 9%."
"Netskope is known as a Secure Access Service Edge (SASE) provider. It offers cybersecurity for an enterprise's cloud infrastructure, with such products as secure web gateways and firewall as a service. The company's main competitors are Zscaler and Palo Alto Networks. The company was last valued at $7.5 billion, when it raised a $300 million Series H led by ICONIQ Growth in 2021, the height of the ZIRP era."
Netskope plans an IPO after 13 years as a cloud cybersecurity startup. Lightspeed Venture Partners owns 19.3% of Netskope, a stake that could be worth about $1.1 billion at a $6.5 billion valuation based on a $15–$17 per share IPO range. ICONIQ Growth holds 19.2% and Accel nearly 9%. Netskope is a Secure Access Service Edge (SASE) provider offering secure web gateways and firewall-as-a-service, competing with Zscaler and Palo Alto Networks. The company raised a $300 million Series H at a $7.5 billion valuation in 2021, took a $401 million convertible note in 2023, and remains unprofitable despite H1 revenue rising to $328.5 million from $251.3 million.
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