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- Lacework
Lacework Acquisition, Valuation, Funding & Investors
Lacework was acquired by Fortinet in June 2024.
Lacework revenue
$100M
Series D · Nov 2021
Cumulative funding Lacework raised
$1.9B
across 5 funding rounds
Key investors in Lacework
Sutter Hill Ventures
Liberty Global Ventures
Alumni Ventures
AME Cloud Ventures
Altimeter Capital
Webb Investment Network
About Lacework
Lacework is a Mountain View, California-headquartered cloud security platform providing automated threat detection for multi-cloud environments. Founded in 2015, it monitors workloads, containers, Kubernetes clusters, and identities across AWS, Azure, and Google Cloud, offering polygraph-based anomaly detection, compliance auditing, and forensic investigations. Lacework serves Fortune 500 enterprises with continuous visibility into over 100 billion cloud events daily.
Founded
2015
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$100M (Nov 2021)
Valuation
$8.3B (Nov 2021)
Lacework Acquisition
Lacework was acquired by Fortinet for an undisclosed price on 10 June 2024.
Before the acquisition Lacework had raised $1.9B across 5 funding rounds.
Lacework provides an AI-powered cloud-native application protection platform (CNAPP) that integrates critical services including AI and machine learning technology, data collection, proprietary data lake, and code security, serving nearly 1,000 customers. Founded in 2015, Lacework raised $1.8-1.9 billion in funding, achieving unicorn status with an $8.3 billion valuation in 2021, though its annual recurring revenue was estimated at $70-90 million. Fortinet, a leader in integrated cybersecurity platforms spanning secure networking, AI-driven security operations, and unified SASE, acquired Lacework to bolster its cloud security offerings amid rising cloud migration and CNAPP market growth. The acquisition, announced in June 2024 and completed later that year, had an estimated value of $200-230 million according to Forrester analysts, following collapsed talks with Wiz valued at $150-200 million. Financial terms were not officially disclosed. Fortinet plans to integrate Lacework's CNAPP, backed by 225 patents in cloud security and AI, into its Security Fabric and Unified SASE, creating a comprehensive full-stack AI-driven cloud security platform from a single vendor that identifies, prioritizes, and remediates risks from code to cloud. Strategically, the deal addresses Lacework's need for returns on investor capital amid down-round pressures and enhances Fortinet's fragmented multicloud portfolio, including FortiWeb and FortiCNP, despite some tooling overlaps like IaC scanning. Lacework's platform, now rebranded FortiCNAPP, enables unified protection inside cloud apps and between apps and external threats. Fortinet committed to seamless transitions for Lacework's customers and partners, leveraging its global scale.
| Acquirer | Date | Type |
|---|---|---|
| 10 Jun 2024 | Strategic M&A |
Lacework Valuation
Lacework is currently valued at $8.3B, based on its Series D in November 2021.
The $1.3B round was led by Altimeter Capital.
Lacework's valuation has moved from $8.3B at its Series C in January 2021 to $8.3B in November 2021, across 2 priced rounds.
Lacework valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2021 | Series D | $8.3B | 83.0x |
| Jan 2021 | Series C | $8.3B | 138.3x |
Lacework Revenue
Lacework's latest recorded revenue is $100M, as of its Series D in November 2021. At a $8.3B valuation, that implies a 83.0x revenue multiple.
Revenue grew from $60M in January 2021 to $100M in November 2021, while the revenue multiple moved from 138.3x to 83.0x.
Lacework revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2021 | $100M | $8.3B | 83.0x | Series D |
| Jan 2021 | $60M | $8.3B | 138.3x | Series 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.
Lacework Funding History
Lacework has raised a total of $1.9B across 5 funding rounds.
Lacework's first fundraising round was a $8M Series A in May 2015. The most recent completed round was a $1.3B Series D in November 2021.
Lacework funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2021 | Series D | Altimeter Capital (lead) | $1.3B | $8.3B | Lacework, a San Jose-based data-driven cloud security platform, raised $1.3 billion in a Series D funding round on November 18, 2021, achieving a post-money valuation of $8.3 billion. The round was led by Sutter Hill Ventures, Altimeter Capital, D1 Capital Partners, and Tiger Global Management, with participation from new investors like Counterpoint Global (Morgan Stanley), Durable Capital, Franklin Templeton, General Catalyst, and XN, plus existing investors Coatue, Dragoneer, Liberty Global Ventures, and Snowflake Ventures. This marked the largest funding round in security industry history at the time. The capital was earmarked for global expansion into Europe and Asia-Pacific, strategic acquisitions (such as recent purchase of Soluble), product innovation to broaden and deepen platform capabilities, scaling go-to-market strategies especially via channel partners, and workforce growth. Lacework reported more than 3x year-over-year revenue growth, 3.5x increase in new customers (including LogicMonitor, Hypergiant, Sprinklr), and over 3x employee growth worldwide leading up to the round. Positioned as a leader in cloud security treating it as a data problem, Lacework aimed to consolidate point solutions into a single platform, serving enterprises navigating cloud complexities. The valuation placed it among the top venture-backed cybersecurity firms, behind only Tanium and Snyk. |
| Jan 2021 | Series C | Altimeter Capital (lead); Sutter Hill Ventures (lead); Dragoneer; Ethos Family Office; Snowflake Ventures; Human Capital; Tiger Global; Liberty Global Ventures; D1 Capital Partners; Coatue | $525M | $8.3B | Lacework is a data-driven cloud security platform providing polygraph-based monitoring, anomaly detection, and compliance for cloud-native environments including Kubernetes, containers, and serverless workloads. The company raised $1.3 billion in a Series E growth funding round announced November 18, 2021, at an $8.3 billion post-money valuation, led by Altimeter Capital and Sutter Hill Ventures with participation from Coatue, D1 Capital Partners, Dragoneer, Ethos Family Office, Human Capital, Liberty Global Ventures, Snowflake Ventures, and Tiger Global. This followed an earlier undisclosed round around July 2021 matching the queried investors, with total funding reaching approximately $1.9 billion by late 2021. The capital was intended to fuel global scaling, product innovation, sales expansion, and go-to-market acceleration amid 3x year-over-year revenue growth and customer momentum noted in the announcement. At the time, Lacework reported over 3x year-over-year revenue growth without disclosing specific figures, alongside 3.5x new customer growth including enterprises like LogicMonitor and Sprinklr, and more than 3x employee expansion to support hyperscale cloud adoption. Strong ecosystem integrations with AWS, Google Cloud, Azure, Snowflake, New Relic, Terraform, and Jira drove over 60% of new business via channel partners such as Presidio and Guidepoint. Sacra estimated full-year 2021 revenue at $60 million with 200% YoY growth, though this post-dates the mid-2021 round and lacks primary confirmation. The round positioned Lacework as a cloud security leader amid booming demand, validating its transformative approach cited by investors like Morgan Stanley's Counterpoint Global. However, later developments saw stalled growth, with 2024 estimates of ARR at $70-90 million (Forrester) or around $100 million amid acquisition talks with Wiz for $150-200 million and eventual Fortinet buyout, far below the $8.3 billion peak valuation. |
| Sep 2019 | Series B | Liberty Global Ventures (lead); Sutter Hill Ventures (lead); AME Cloud Ventures; Alumni Ventures; Webb Investment Network | $42M | - | Lacework, a Mountain View, California-based cloud security company founded in 2015, provides a purpose-built platform for securing DevOps, cloud-native, container, and hybrid workloads, offering visibility, anomaly detection, intrusion prevention, and compliance across public and private clouds. The Series C funding round of $42 million closed on September 12, 2019, led by Liberty Global Ventures and Sutter Hill Ventures, with participation from Alumni Ventures, AME Cloud Ventures, and Webb Investment Network, bringing total funding to $74 million after a prior $24 million Series B in August 2018. Funds were allocated to product innovation, market expansion, go-to-market activities, and hiring, including Andy Byron as President to lead sales and marketing from his prior role at Cybereason, alongside new board members Mike Speiser from Sutter Hill Ventures and John McMahon. The round supported Lacework's mission to deliver a complete security platform adapting to dynamic cloud environments, distinguishing it from legacy vendors and point solutions, as emphasized by investors and executives. Customers such as HashiCorp, Iterable, and AdRoll adopted the platform for embedding security from build-time to runtime operations. Leadership changes included Dan Hubbard as CEO, following Stefan Dyckerhoff's transition from dual CEO role. Subsequent developments saw Lacework raise $525 million in January 2021 and $1.3 billion later, reaching peak valuations around $8 billion before acquisition talks in 2024 valued it far lower at $150-230 million amid market shifts. |
| Aug 2018 | Series A | Sutter Hill Ventures (lead); Courtney Broadus; AME Cloud Ventures; Alumni Ventures; Liberty Global Ventures; Webb Investment Network | $24M | - | Lacework is a cloud security company providing a data-driven platform with automation for securing cloud-native applications and infrastructure. In August 2018, it closed a $24 million Series B funding round led by Sutter Hill Ventures, with participation from investors including Alumni Ventures, AME Cloud Ventures, Liberty Global Ventures, and Webb Investment Network, though specific investor lists vary slightly across reports. This round supported expansion following earlier funding and positioned Lacework to scale its cloud security solution amid growing adoption of cloud technologies. At the end of 2018, Lacework achieved approximately $1M in ARR, reflecting early traction in the competitive cloud security market. The company focused on innovative approaches to automate threat detection and compliance across multi-cloud environments, differentiating from legacy security tools ill-suited for dynamic cloud workloads. By this stage, Lacework had established itself as a pioneer in polyglot cloud security, addressing challenges in Kubernetes, serverless, and containerized deployments. Later developments highlight Lacework's growth trajectory, with ARR scaling to $5M in 2019, $20M in 2020, and $60M by end of 2021, driven by enterprise deals and partnerships with AWS, Google Cloud, and Microsoft Azure. However, it faced a downturn, acquired by Fortinet in 2024 for an estimated $200-230M after a failed Wiz deal, down from its 2021 peak valuation of $8.3B following a $1.3B raise. |
| May 2015 | Series A | Sutter Hill Ventures (lead) | $8M | - | Lacework raised $8 million in its Series A funding round on May 25, 2015, led by Sutter Hill Ventures. The funding supported the development and launch of its initial cloud security platform. This marked the company's first external funding since its founding in 2015. Lacework provides a data-driven security platform for the cloud, enabling companies to build securely in cloud environments. The Series A was the starting point for its growth in the cybersecurity space focused on cloud infrastructure. Subsequent rounds included a $24 million Series B in August 2018 led by Sutter Hill Ventures, $42 million Series C in September 2019 with Liberty Global Ventures and Sutter Hill Ventures, and larger Series D rounds in 2021 totaling over $1.8 billion with valuations exceeding $1 billion and reaching $8.3 billion. |
Who has invested in Lacework?
14 investors have backed Lacework across its funding rounds, including Sutter Hill Ventures, Liberty Global Ventures, Alumni Ventures, AME Cloud Ventures, Altimeter Capital and Webb Investment Network.
Lead investors include Altimeter Capital, Sutter Hill Ventures and Liberty Global Ventures.
Lacework Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | May 2015 | ||
| 3 | Lead | Aug 2018 | ||
| 2 | Participant | Aug 2018 | ||
| 2 | Lead | Jan 2021 | ||
| 2 | Participant | Aug 2018 | ||
| 2 | Participant | Aug 2018 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Participant | Aug 2018 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Participant | Jan 2021 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Lacework
Lacework has acquired 1 company to date.
Last acquisition by Lacework was on November 11th 2021. Lacework acquired Soluble for undisclosed valuation.
Latest Acquisitions by Lacework
| Description | Soluble is a cloud security company offering infrastructure risk management through AI-powered scanning. San Francisco-headquartered, it analyzes code repositories and cloud configurations for vulnerabilities in AWS, Azure, and Google Cloud environments. The platform integrates with continuous integration pipelines for shift-left security. Soluble serves DevOps teams at enterprises with dashboards tracking fix rates and compliance scores across Kubernetes clusters. |
| HQ Country | |
| HQ City | San Francisco, CA |
| Deal Date | 11 Nov 2021 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Lacework acquisitions and their M&A valuation multiples. Start Free Trial | |
Lacework Competitors
Lacework competitors include listed companies like SentinelOne and Qihoo 360, and private ones like Chainalysis, Fireblocks, Snyk and 1Password.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1B | ($267M) | $8.1B | 6.6x | ||
| Private | $190M | - | $8.6B | - | ||
| Private | $100M | - | $8B | - | ||
| Publicly listed | $1.3B | $70M | $9B | 4.7x | ||
| Private | $180M | - | $7.4B | 41.1x | ||
| Private | $150M | - | $6.8B | 45.3x |
Lacework Public Comps
Lacework is no longer listed, but its public comps include SentinelOne, Qihoo 360, Netskope, CommVault Systems, Qualys, Glory View Technology, Varonis Systems, Trend Micro, SailPoint and BlackBerry.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1B | ($267M) | 7.4x | 6.6x | (27.7x) | 47.1x | |||
| $1.3B | $70M | 4.8x | 4.7x | 88.8x | (385.3x) | |||
| $709M | ($622M) | 9.4x | 8.1x | (10.8x) | (121.6x) | |||
| $1.2B | $84M | 5.2x | 5.0x | 72.9x | 23.2x | |||
| $669M | $236M | 8.7x | 8.1x | 24.5x | 17.6x | |||
| $176M | $53M | 38.7x | 39.4x | 127.8x | 129.4x | |||
| $624M | ($147M) | 8.5x | 7.5x | (36.0x) | 229.5x | |||
| $1.8B | $488M | 2.2x | 2.1x | 8.0x | 8.1x | |||
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Common questions about Lacework
| When was Lacework founded? | Lacework was founded in 2015. |
| Where is Lacework headquartered? | Lacework is headquartered in San Francisco, CA, United States. |
| Is Lacework publicly listed? | No, Lacework was acquired by Fortinet in June 2024. |
| Who acquired Lacework? | Lacework was acquired by Fortinet in June 2024. |
| What is Lacework's valuation? | Lacework was last valued at $8.3B in its Series D in November 2021. |
| How much funding has Lacework raised? | Lacework has raised $1.9B across 5 funding rounds. |
| What was Lacework's last funding round? | Lacework's last funding round was a $1.3B Series D in November 2021, led by Altimeter Capital. |
| Who are Lacework's investors? | Lacework's investors include Sutter Hill Ventures, Liberty Global Ventures, AME Cloud Ventures, Altimeter Capital, Alumni Ventures, Webb Investment Network, Dragoneer, Courtney Broadus, Ethos Family Office, Snowflake Ventures and 4 others. |
| What is Lacework's revenue? | Lacework's latest recorded revenue is $100M (November 2021). |
| What is Lacework's revenue multiple? | Lacework's latest valuation implies a 83.0x revenue multiple ($8.3B valuation on $100M of revenue). |
| Which companies are comparable to Lacework? | Companies comparable to Lacework include SentinelOne, Chainalysis, Fireblocks, Qihoo 360, Snyk and 1Password. |
| How many companies has Lacework acquired? | Lacework has acquired 1 company, including Soluble. |
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