Immersive Funding, Investors & Competitors

Immersive has raised $190M across 5 funding rounds, most recently a $66M Series C in October 2022.

Last Immersive funding round

$66M

Series C · Oct 2022

Cumulative funding Immersive raised

$190M

across 5 funding rounds

Key investors in Immersive

  • Insight Partners
  • Goldman Sachs
  • Menlo Ventures
  • Citi Ventures
  • Goldman Sachs Asset Management
  • Summit Partners
  • Ten Eleven Ventures
  • Mitesh Nandlaskar

Immersive Overview

About Immersive

Immersive Labs is a London-headquartered cybersecurity training platform offering cyber drills, simulations, and hands-on labs in a unified SaaS environment. Organizations run scenarios mimicking threats like ransomware and phishing, assessing teams across technical and decision-making skills. Clients including Fortune 500 firms use it in the UK, U.S., and Europe to benchmark resilience. Founded in 2016, the platform integrates with SIEM tools for tailored exercises in cloud and network defense.


Founded

2017

HQ

United KingdomBristol

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Immersive Funding History

Immersive has raised a total of $190M across 5 funding rounds.

Immersive's first fundraising round was a $8M Series A in January 2019. The most recent completed round was a $66M Series C in October 2022.

Immersive funding rounds

Immersive funding rounds
DateStageInvestorsRaisedDeal Summary
Oct 2022Series CTen Eleven Ventures (lead); Menlo Ventures; Summit Partners; Citi Ventures; Insight Partners; Goldman Sachs Asset Management$66MImmersive Labs is a UK-based cybersecurity company headquartered in Bristol with operations in Boston, developing the Cyber Workforce Resilience platform. This platform enables organizations to assess, build, and prove workforce resilience against cyber threats through realistic simulations, hands-on exercises, and industry benchmarks, targeting development teams, executives, and sectors like finance, healthcare, and government. Clients include Citi, Goldman Sachs, HSBC, Pfizer, Daimler, Humana, Atos, and the UK National Health Service. On October 12, 2022, Immersive Labs raised $66 million in a Series D funding round led by Ten Eleven Ventures, with participation from existing investors Citi Ventures, Goldman Sachs Asset Management, Insight Partners, Menlo Ventures, and Summit Partners. This brought the company's total funding to $189 million across eight rounds, following a $75 million Series C in June 2021. The capital is intended to accelerate growth, enhance the platform, and support product innovation amid rising demand for people-centric cybersecurity solutions, particularly post-pandemic with increased remote work and cyber threats. The round coincided with executive hires: Sandra McDevitt as Chief Human Resources Officer from Quantcast and Patreon, Lucian Lui as Chief Marketing Officer, Dave Palmer (Ten Eleven General Partner and Darktrace founder) joining the board, and Jack Huffard (Tenable co-founder) becoming board chair. These moves strengthen leadership to solidify Immersive Labs' position in the cyber workforce resilience category, emphasizing measurable human cyber capabilities for board-level compliance and resilience proof.
May 2022Pre-seedMitesh Nandlaskar$700K-
Jun 2021Series CInsight Partners (lead); Menlo Ventures; Citi Ventures; Goldman Sachs Asset Management$75MImmersive Labs is a UK-based cybersecurity company that provides a gamified training platform to measure and improve cybersecurity skills across technical and non-technical teams in organizations, using real-time threat intelligence and data-centric approaches to map skills to cyber risk. Customers include major enterprises such as HSBC, Vodafone, NHS, Airbnb, and P&G. The company operates from Bristol and Boston, with around 200 employees at the time of the round. On June 14, 2021, Immersive Labs closed a $75 million Series C funding round led by Insight Partners, with participation from new investors Menlo Ventures and Citi Ventures, and follow-on investment from Goldman Sachs Asset Management. This brought total venture funding to $123 million. Ryan Hinkle from Insight Partners joined the board. Previous backers include Summit Partners. The capital is intended to accelerate development of a Cyber Workforce Optimisation platform offering analytical capabilities, role-specific training, board-level metrics, and benchmarking to address cyber skills needs across functions like crisis management, secure development, and compliance. Funds will also support international expansion into APAC and Europe, and tripling headcount to 600 over two years. Immersive Labs reported over 100% year-on-year growth in customers and revenue, positioning it as a leader in the cyber skills and readiness market amid rising cyber risks. Investors highlighted its innovative product, strong user engagement, and potential to scale like successful UK cybersecurity firms such as Darktrace.
Nov 2019Series BSummit Partners (lead); Goldman Sachs$40MImmersive Labs is a UK-based cybersecurity company offering a fully interactive, on-demand, gamified cyber skills platform that simulates real-world attack techniques, including emerging and zero-day threats, to train security specialists and business users. The platform analyzes internal skill levels, identifies shortages, and maps capabilities to global security frameworks. Customers include major organizations like British Telecom, Bank of Montreal, Citigroup, Goldman Sachs, the UK's National Health Service, and London's Metropolitan Police. In 2019, Immersive Labs closed a $40 million Series B funding round led by Summit Partners, with participation from existing investor Goldman Sachs, following an $8 million Series A earlier that year. The funding supports expansion into North America, including a new headquarters in Boston, Massachusetts, team growth beyond 100 employees, and platform innovation to address cyber skills gaps. CEO James Hadley, formerly a cybersecurity instructor at GCHQ, highlighted the investment's role in advancing gamified learning to reduce cyber risk for businesses and governments. The company reported 750% year-over-year growth in annual recurring revenue since its 2017 launch, with users completing over one million labs. Investors praised Immersive Labs' strong management, differentiated product in the urgent cybersecurity market, and blue-chip customer base, positioning it as a potential global leader in cyber skills development.
Jan 2019Series AGoldman Sachs (lead)$8MImmersive Labs is a UK-based cybersecurity startup founded in January 2017 by former GCHQ researcher James Hadley, offering a gamified learning platform that combines real-time threat data with cyber wargames to upskill IT and security teams. The platform enables rapid training on emerging threats, customizable learning, and performance analytics for CISOs and CIOs. Chaired by Robert Hannigan, former GCHQ director, the company had grown to 65 employees across offices in Bristol, London, and New York by early 2019. Clients included Goldman Sachs, BAE Systems, Sophos, and Grant Thornton. On January 14, 2019, Immersive Labs raised $8 million in a Series A funding round led by Goldman Sachs, with participation from smaller private investors. Goldman Sachs, a key customer since June 2018 using the platform for over 8,000 developers, transitioned to investor. The funding aimed to expand the team, infrastructure, and platform development to support rapid growth and go-to-market strategy amid a global cybersecurity talent shortage.

Who has invested in Immersive?

8 investors have backed Immersive across its funding rounds, including Insight Partners, Goldman Sachs, Menlo Ventures, Citi Ventures, Goldman Sachs Asset Management and Summit Partners.

Lead investors include Ten Eleven Ventures, Insight Partners, Summit Partners and Goldman Sachs.


Immersive Investors

Investors in Immersive by funding rounds participated
InvestorHQRoundsRoleFirst check
Menlo VenturesUnited StatesSan Francisco, CA2ParticipantJun 2021
Goldman SachsUnited StatesNew York City, NY2LeadJan 2019
Summit PartnersUnited StatesBoston, MA2LeadNov 2019
Citi VenturesUnited StatesSan Francisco, CA2ParticipantJun 2021
Insight PartnersUnited StatesNew York City, NY2LeadJun 2021
Goldman Sachs Asset ManagementUnited StatesNew York City, NY2ParticipantJun 2021

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Acquisitions by Immersive

Immersive has acquired 1 company to date.

Last acquisition by Immersive was on November 15th 2021. Immersive acquired Snap Labs for undisclosed valuation.


Latest Acquisitions by Immersive

Snap Labs
Description
Snap Labs is a platform for creating, launching, and sharing cybersecurity training labs. The service equips professionals with virtual environments for penetration testing, vulnerability research, and demos. Snap Labs supports red team exercises and educational simulations through cloud-based infrastructure accessible worldwide.
HQ CountryUnited States
HQ City
Philadelphia, PA
Deal Date15 Nov 2021
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Immersive Competitors

Immersive competitors include listed companies like Palo Alto Networks, CrowdStrike, IBM and Fortinet, and private ones like Safe Superintelligence and Cyera.

Public and private companies comparable to Immersive
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Palo Alto NetworksUnited StatesUnited StatesPublicly listed$11B$1B$307B25.9x
CrowdStrikeUnited StatesUnited StatesPublicly listed$4.8B($12M)$252B44.5x
IBMUnited StatesUnited StatesPublicly listed$68B$17B$224B4.0x
FortinetUnited StatesUnited StatesPublicly listed$6.8B$2.3B$127B15.9x
Safe SuperintelligenceUnited StatesSan Francisco, CAPrivate--$32B-
CyeraUnited StatesNew York City, NYPrivate$150M-$12B80.0x

Immersive Public Comps

Immersive is still privately-owned, but its public comps include Palo Alto Networks, CrowdStrike, IBM, Fortinet, Cloudflare, Okta, Zscaler, F5, Rubrik and Gen Digital.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Palo Alto Networks$11B$1B26.7x25.9x301.1x76.9x
CrowdStrike$4.8B($12M)51.4x44.5x(19816.2x)151.0x
IBM$68B$17B4.2x4.0x16.9x14.6x
Fortinet$6.8B$2.3B18.1x15.9x53.7x41.9x
Cloudflare$2.2B($25M)54.6x44.3x(4653.4x)185.1x
Okta$2.9B$245M10.6x10.0x126.4x36.4x
Zscaler$3.4B$42M9.1x8.9x721.8x32.5x
F5$3.1B$901M7.5x6.9x25.8x18.3x

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Common questions about Immersive

When was Immersive founded?Immersive was founded in 2017.
Where is Immersive headquartered?Immersive is headquartered in Bristol, United Kingdom.
Is Immersive publicly listed?No, Immersive is a private, VC-backed company.
How much funding has Immersive raised?Immersive has raised $190M across 5 funding rounds.
What was Immersive's last funding round?Immersive's last funding round was a $66M Series C in October 2022, led by Ten Eleven Ventures.
Who are Immersive's investors?Immersive's investors include Menlo Ventures, Goldman Sachs, Summit Partners, Citi Ventures, Insight Partners, Goldman Sachs Asset Management, Mitesh Nandlaskar and Ten Eleven Ventures.
Which companies are comparable to Immersive?Companies comparable to Immersive include Palo Alto Networks, CrowdStrike, IBM, Fortinet, Safe Superintelligence and Cyera.
How many companies has Immersive acquired?Immersive has acquired 1 company, including Snap Labs.

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