Silverfort secures $116m Series D funding for identity protection innovation

Silverfort, an identity protection company, has recently announced a significant milestone in its growth trajectory, securing $116 million in Series D funding. This latest financial injection raises the total amount garnered by the company to an impressive $222 million. The funding round was spearheaded by Brighton Park Capital (BPC), with contributions from a host of existing investors including Acrew Capital, Greenfield Partners, Citi Ventures, General Motors Ventures, Maor Investments, Vintage Investment Partners, and Singtel Innov8. Notably, Mike Gregoire, a founding partner at BPC and former CEO of CA Technologies and Taleo, will be joining Silverfort’s Board of Directors, marking a significant step forward for the company as it aims to scale and continue its journey in leading the identity security market.

The investment follows a year of remarkable growth for Silverfort, with the company achieving over 100% growth year-over-year. This growth has been marked by substantial increases in Annual Recurring Revenue (ARR) and the acquisition of hundreds of new enterprise customers across vital sectors such as financial services, manufacturing, and retail. Furthermore, Silverfort has been recognized as the #1 Best Startup Company to Work For in Israel for the second consecutive year. The company plans to leverage the newly acquired funds to expand its global team, which is already spread across more than 15 countries, and to further develop its platform with innovative product modules. Additionally, Silverfort aims to accelerate its go-to-market strategy, with a particular focus on channel partnerships.

The need for advanced identity protection solutions has never been more critical. Compromised identities and credentials remain the primary tactic for cyber threat actors, underlining the vulnerability of identity as a critical element in the enterprise attack surface. This vulnerability is exacerbated by the migration to hybrid and multi-cloud environments, leading to fragmented, complex enterprise environments where 92% of companies are forced to use a mix of cloud-native and on-premise identity solutions from various vendors.

Silverfort has dedicated years to designing a platform that addresses the silos and blind spots that have plagued identity security for years. Their platform extends modern identity security measures to every enterprise resource, including those previously deemed unprotectable. It enables Multi-Factor Authentication (MFA), Identity Threat Detection and Response (ITDR), Identity Security Posture Management (ISPM), and real-time protection for privileged users and service accounts, effectively stopping identity-based attacks across the board.

Mike Gregoire praised Silverfort’s innovative approach, stating, “Silverfort is one of the rare companies that has successfully envisioned how a large market will need to transform to solve a tough problem – in this case, identity security.” Hed Kovetz, Silverfort’s Co-Founder and CEO, expressed excitement about the new partnership with BPC, emphasizing the company’s commitment to reshaping identity security in every company to effectively address current and future cyber threats.

This investment and Silverfort’s strategic initiatives signify a pivotal moment in the identity security market, highlighting the growing importance of advanced protection measures in the face of evolving cyber threats. As Silverfort continues to expand its capabilities and reach, the company is well-positioned to lead the charge in transforming how identity security is managed and ensured across the globe.

Silverfort’s recent funding round is a clear indication of the market’s confidence in its innovative approach to identity security. By addressing the critical gaps left by traditional Identity and Access Management (IAM) providers and extending protection to previously vulnerable assets, Silverfort is setting a new standard in the industry. The involvement of seasoned leaders like Mike Gregoire in Silverfort’s board underscores the strategic significance of this funding, not just for Silverfort but for the broader cybersecurity ecosystem. As companies continue to navigate the complexities of hybrid and multi-cloud environments, Silverfort’s unified, end-to-end security layer is poised to become increasingly vital for enterprises seeking to safeguard their digital assets against sophisticated threats.