Chainguard Revenue, Valuation, Funding & Investors

Chainguard is valued at $3.5B as of April 2025, a 87.5x multiple on its last reported $40M revenue.

Last Chainguard valuation

$3.5B

Series D · Apr 2025

Last Chainguard funding round

$356M

Series D · Apr 2025

Chainguard revenue

$40M

Series D · Apr 2025

Key investors in Chainguard

  • Amplify Partners
  • Sequoia Capital
  • MANTIS Venture Capital
  • Spark Capital
  • Lightspeed Venture Partners
  • Redpoint

Chainguard Overview

About Chainguard

Chainguard is a Seattle-based provider of secure container images and libraries rebuilt continuously from source in SLSA Level 3 environments. Its catalog includes minimal images for languages like Python, Java, and Rust, each with cryptographic signatures, SBOMs, and zero known vulnerabilities at release. Chainguard maintains open-source projects such as Sigstore and contributes to Wolfi Linux, serving enterprises adopting Kubernetes and cloud-native deployments.


Founded

2021

HQ

United StatesSeattle, WA

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$40M (Apr 2025)

Valuation

$3.5B (Apr 2025)

Chainguard Valuation

Chainguard is currently valued at $3.5B, based on its Series D in April 2025.

The $356M round was led by IVP and Kleiner Perkins, with participation from Salesforce Ventures, Redpoint, Spark Capital, Windproof Partners (fka Kerrest & Co.), Sequoia Capital and 4 other investors.

Chainguard's valuation has grown 3.1x from $1.1B at its Series C in July 2024 to $3.5B in April 2025, across 2 priced rounds.

Chainguard valuation by funding round

Revenue multiple
Chainguard valuation by funding round
DateStageValuationRevenue Multiple
Apr 2025Series D$3.5B87.5x
Jul 2024Series C$1.1B28.0x

Chainguard Revenue

Chainguard's latest recorded revenue is $40M, as of its Series D in April 2025. At a $3.5B valuation, that implies a 87.5x revenue multiple.

Revenue moved from $40M in July 2024 to $40M in April 2025, while the revenue multiple moved from 28.0x to 87.5x.

Chainguard revenue by funding round

Chainguard revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Apr 2025$40M$3.5B87.5xSeries D
Jul 2024$40M$1.1B28.0xSeries C

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Chainguard Funding History

Chainguard has raised a total of $612M across 5 funding rounds.

Chainguard's first fundraising round was a $5M seed round in December 2021. The most recent completed round was a $356M Series D in April 2025.

Chainguard funding rounds

Chainguard funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2025Series DIVP (lead); Kleiner Perkins (lead); Salesforce Ventures; Redpoint; Spark Capital; Windproof Partners (fka Kerrest & Co.); Sequoia Capital; Amplify Partners; Lightspeed Venture Partners; Datadog Ventures; MANTIS Venture Capital$356M$3.5BChainguard is a cybersecurity company providing secure-by-design infrastructure for software development and deployment, specializing in securing software supply chains with products like Chainguard Containers (secure container images), Chainguard VMs (minimal vulnerability-free virtual machines), and Chainguard Libraries (secure Java-based language libraries). It targets engineering teams building and maintaining open source software, serving over 150 customers including Canva, HPE, GitLab, ANZ Bank, Snap Inc., Wiz, and public sector entities from Series A startups to Fortune 500 companies. On April 23, 2025, Chainguard raised $356 million in a Series D funding round co-led by IVP and Kleiner Perkins, with participation from new investors Salesforce Ventures and Datadog Ventures, plus existing backers Amplify Partners, Lightspeed Venture Partners, MANTIS Venture Capital, Redpoint, Sequoia Capital, Spark Capital, and Windproof Partners (fka Kerrest & Co.). This round brought total funding to $612 million and valued the company at a post-money $3.5 billion, up from $1.12 billion in the prior Series C less than a year earlier. The capital will fund product innovation, go-to-market scaling, and expansion into EMEA and APAC regions. Chainguard reported annual recurring revenue (ARR) of $40 million for fiscal year 2025, representing sevenfold growth, with plans to exceed $100 million by the end of fiscal 2026. Investors highlighted strong customer adoption, technical innovation in open source security, and beating revenue plans by 2x as key momentum drivers. The company, founded in 2021 and based in Kirkland, Washington, operates remotely without a physical office and positions itself as the safe source for open source software amid rising supply chain security demands. It follows a Series C in summer 2024 and continues to expand its catalog of minimal, secure images while competing in a crowded container and software supply chain security market.
Jul 2024Series CIVP (lead); Lightspeed Venture Partners (lead); Redpoint (lead); Spark Capital; Sequoia Capital; Amplify Partners; MANTIS Venture Capital$140M$1.1BChainguard is a software security company providing secure-by-design, minimalist container images as the safe source for open source software, targeting the software supply chain security needs of enterprises, including AI workloads and compliance requirements like SBOM and SLSA. Founded in 2021 by ex-Google engineers, it offers Chainguard Images that plug into Kubernetes environments, eliminating vulnerabilities at the source rather than scanning existing artifacts. On July 25, 2024, Chainguard raised $140 million in a Series C funding round led by Redpoint Ventures, Lightspeed Venture Partners, and IVP, with participation from existing investors Sequoia Capital, Spark Capital, and Mantis VC, bringing total funding to $256 million. The round valued the company at a post-money $1.12 billion, tripling its valuation in less than one year. Funds are allocated to expand Chainguard Images for AI workloads, grow go-to-market in international and federal markets, and support a doubled employee base. At the time of the Series C, Chainguard reported more than 5x year-over-year customer base growth and over 175% increase in Annual Recurring Revenue (ARR) in the first six months of its fiscal year, reflecting rapid enterprise adoption among sectors like finance, defense, and tech. The company serves over 100-150 paying customers including ANZ Bank, Canva, GitLab, HPE, Snap, Wiz, and Anduril, with its catalog expanding from 400 to 1,400 images. Subsequent developments include a Series D in April/May 2025 raising $356 million at $3.5 billion valuation co-led by Kleiner Perkins and IVP, with new investors Salesforce Ventures and Datadog Ventures, followed by a $280M growth investment in October 2025 from General Catalyst, pushing total funding over $800 million. Later reports estimate ARR at $37-40M by end-2024/early 2025, up significantly YoY, with projections exceeding $100M by end-2026, though these post-date the queried round.
Nov 2023Series BSpark Capital (lead); Sequoia Capital; Amplify Partners; Banana Capital; SignalRank; MANTIS Venture Capital$61M-Chainguard is a software supply chain security company founded in October 2021 and headquartered in Kirkland, Washington. The company specializes in hardening open-source software and provides secure container image solutions that help enterprises safely build software while adopting open-source components. Chainguard's core offering includes a portfolio of over a million hardened container images, comprehensive APIs for vulnerability tracking, and Software Bill of Materials (SBOMs) and software signature capabilities. On November 1, 2023, Chainguard completed a $61 million Series B funding round led by Spark Capital, with participation from returning investors Sequoia Capital, Amplify Partners, MANTIS Venture Capital (The Chainsmokers' Mantis VC), and Banana Capital. This round brought total venture funding to $116 million and was used to expand the global go-to-market team, invest in product research and innovation, and expand customer support services. The company demonstrated strong traction at the time of the round, with its annual recurring revenue tripling over the preceding six months. Chainguard's customer base included Fortune 500 companies and prominent technology providers such as Hewlett Packard Enterprise, Snowflake, GitGuardian, Sourcegraph, and Replicated. The company had recently hired Ryan Carlson as its first President (former CMO at Okta and Wiz) and Dustin Kirkland as its first Vice President of Engineering (formerly at Goldman Sachs, Google, and Canonical). Investors and customers highlighted Chainguard's differentiated approach of not only identifying vulnerabilities in open-source software but also proactively fixing them, addressing a critical gap in enterprise software supply chain security as organizations increasingly adopted open-source components.
Jun 2022Series ASequoia Capital (lead); K5 Global; Tom Killalea; LiveOak Ventures; Amplify Partners; Banana Capital; Jim Higgins; MANTIS Venture Capital$50M-Chainguard, founded in 2021, provides secure software supply chain solutions, offering hardened base container images, language libraries, and virtual machine formats designed to minimize vulnerabilities and supply chain attacks in open-source software for production environments. The company raised $50 million in its Series A funding round on June 2, 2022, led by Sequoia Capital, with participation from investors including Amplify Partners, Banana Capital, Jim Higgins, K5 Global, LiveOak Ventures, MANTIS Venture Capital, and others. This round supported early expansion and market acceleration in supply chain security. Subsequent funding includes a Series B, $61 million in November 2023, Series C in 2024 focusing on secure AI workloads and international growth, a $356 million Series D in April 2025 at $3.5 billion valuation led by Kleiner Perkins and IVP with existing investors like Sequoia participating, and $280 million growth financing from General Catalyst in October 2025, bringing total raised to approximately $892 million. The Series D valued the company at $3.5 billion, up from a prior $1.1 billion. In fiscal year 2025, Chainguard reported annual recurring revenue of $40 million, reflecting sevenfold growth. Chainguard operates remotely with over 500 employees, based in Kirkland, Washington, and ranks highly on lists like GeekWire 200 and LinkedIn's top U.S. startups. Investors also include IVP, Kleiner Perkins, Lightspeed Venture Partners, Redpoint Ventures, and Spark Capital. The company focuses on scaling go-to-market, product innovation for AI workloads, and global expansion in EMEA and APAC amid rising demand for trusted open-source infrastructure.
Dec 2021SeedAmplify Partners (lead); Brandon Philips; Joe Duffy; Solomon Boulos; Stephen Augustus; Maya Kaczorowski; Gordon Chaffee; Eric Brewer$5M-Chainguard, a supply chain security startup founded by open-source veterans from Google including Dan Lorenc, Matt Moore, Scott Nichols, Ville Aikas, and Kim Lewandowski, raised $5 million in a seed round on December 8, 2021. The round was led by Amplify Partners with participation from angels Eric Brewer, Maya Kaczorowski, Brandon Phillips, Stephen Augustus, Joe Duffy, Solomon Boulos, and Gordon Chaffee. The founding team contributed to key Google container projects like Minikube, Distroless, Skaffold, Knative, Tekton, Kaniko, ko, Sigstore, and SLSA. The funding supports tripling the company's size with 12 new hires and focuses on bringing supply chain security solutions to market using open tools and standards like Sigstore. Amplify Partners highlighted software supply chain security as a top priority, emphasizing open source approaches. Chainguard aims to address vulnerabilities in software supply chains critical for development, deployment, and maintenance.

Who has invested in Chainguard?

24 investors have backed Chainguard across its funding rounds, including Amplify Partners, Sequoia Capital, MANTIS Venture Capital, Spark Capital, Lightspeed Venture Partners and Redpoint.

Lead investors include IVP, Kleiner Perkins, Lightspeed Venture Partners, Redpoint, Spark Capital and 2 other investors.


Chainguard Investors

Investors in Chainguard by funding rounds participated
InvestorHQRoundsRoleFirst check
Amplify PartnersUnited StatesSan Francisco, CA5LeadDec 2021
Sequoia CapitalUnited StatesSan Francisco, CA4LeadJun 2022
MANTIS Venture CapitalUnited StatesLos Angeles, CA4ParticipantJun 2022
Spark CapitalUnited StatesSan Francisco, CA3LeadNov 2023
RedpointUnited StatesSan Francisco, CA2LeadJul 2024
IVPUnited StatesSan Francisco, CA2LeadJul 2024
Lightspeed Venture PartnersUnited StatesSan Francisco, CA2LeadJul 2024
Banana CapitalUnited StatesAnn Arbor, MI2ParticipantJun 2022
K5 GlobalUnited StatesSan Francisco, CA1ParticipantJun 2022
Salesforce VenturesUnited StatesSan Francisco, CA1ParticipantApr 2025
Brandon PhilipsUnited StatesSan Francisco, CA1ParticipantDec 2021
Tom KillaleaUnited StatesSeattle, WA1ParticipantJun 2022
Joe DuffyUnited StatesSeattle, WA1ParticipantDec 2021

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Chainguard Competitors

Chainguard competitors include listed companies like Tenable and Clear Secure, and private ones like ReliaQuest, Upwind Security, Claroty and Dream Security.

Public and private companies comparable to Chainguard
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ReliaQuestUnited StatesTampa, FLPrivate$300M-$3.4B11.3x
Upwind SecurityUnited StatesSan Francisco, CAPrivate--$3.8B-
TenableUnited StatesUnited StatesPublicly listed$999M$31M$4B3.9x
ClarotyUnited StatesNew York City, NYPrivate$200M-$3B15.0x
Dream SecurityIsraelTel AvivPrivate$100M-$3B-
Clear SecureUnited StatesUnited StatesPublicly listed$901M$216M$4.1B3.2x

Chainguard Public Comps

Chainguard is still privately-owned, but its public comps include Tenable, Cellebrite, Clear Secure, AvePoint, NetScout Systems, QiAnXin, Venustech Group, BlackBerry, A10 Networks and CETC Cyberspace Security.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Tenable$999M$31M4.1x3.9x129.9x15.3x
Cellebrite$476M$79M5.4x4.8x32.3x17.3x
Clear Secure$901M$216M3.7x3.2x15.3x9.5x
AvePoint$419M$42M5.9x5.1x58.4x27.4x
NetScout Systems$859M$163M2.6x2.6x13.9x9.5x
QiAnXin$655M($147M)4.6x4.5x(20.4x)(41.4x)
Venustech Group$349M($60M)6.6x6.0x(38.4x)(176057.4x)
BlackBerry$549M$83M8.3x7.8x54.9x36.6x

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Common questions about Chainguard

When was Chainguard founded?Chainguard was founded in 2021.
Where is Chainguard headquartered?Chainguard is headquartered in Seattle, WA, United States.
Is Chainguard publicly listed?No, Chainguard is a private, VC-backed company.
What is Chainguard's valuation?Chainguard was last valued at $3.5B in its Series D in April 2025.
How much funding has Chainguard raised?Chainguard has raised $612M across 5 funding rounds.
What was Chainguard's last funding round?Chainguard's last funding round was a $356M Series D in April 2025, led by IVP and Kleiner Perkins.
Who are Chainguard's investors?Chainguard's investors include Amplify Partners, Sequoia Capital, MANTIS Venture Capital, Spark Capital, Redpoint, IVP, Lightspeed Venture Partners, Banana Capital, K5 Global, Salesforce Ventures and 14 others.
What is Chainguard's revenue?Chainguard's latest recorded revenue is $40M (April 2025).
What is Chainguard's revenue multiple?Chainguard's latest valuation implies a 87.5x revenue multiple ($3.5B valuation on $40M of revenue).
Which companies are comparable to Chainguard?Companies comparable to Chainguard include ReliaQuest, Upwind Security, Tenable, Claroty, Dream Security and Clear Secure.

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