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- Menlo Security
Menlo Security Valuation, Funding & Investors
Menlo Security is valued at $800M as of November 2020.
Last Menlo Security valuation
$800M
Series E · Nov 2020
Last Menlo Security funding round
$100M
Series E · Nov 2020
Cumulative funding Menlo Security raised
$251M
across 5 funding rounds
Key investors in Menlo Security
General Catalyst
OUP (Osage University Partners)
JPMorgan Chase
Amex Ventures
Sutter Hill Ventures
Engineering Capital
About Menlo Security
Menlo Security is a Mountain View-headquartered provider of cloud-based isolation platforms that neutralize malware threats from websites, emails, and documents. Founded in 2012, it protects over 400 enterprise customers including Fortune 500 firms like Palo Alto Networks clients and banks such as HSBC. Backed by $300 million from Vista Equity Partners and General Catalyst, Menlo Security processes billions of sessions monthly via its Adaptive Protection technology, with global data centers in the US, Europe, and Asia.
Founded
2012
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$800M (Nov 2020)
Menlo Security Valuation
Menlo Security is currently valued at $800M, based on its Series E in November 2020.
The $100M round was led by Vista Equity Partners, with participation from General Catalyst, Amex Ventures, Neuberger Berman, JPMorgan Chase and OUP (Osage University Partners).
Menlo Security valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Nov 2020 | Series E | $800M |
Menlo Security Funding History
Menlo Security has raised a total of $251M across 5 funding rounds.
Menlo Security's first fundraising round was a $11M Series A in November 2014. The most recent completed round was a $100M Series E in November 2020.
Menlo Security funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2020 | Series E | Vista Equity Partners (lead); General Catalyst; Amex Ventures; Neuberger Berman; JPMorgan Chase; OUP (Osage University Partners) | $100M | $800M | Menlo Security is a cloud security company specializing in isolation-powered solutions for Secure Web Gateway (SWG) and Secure Access Service Edge (SASE), preventing malicious web and email attacks through a zero-trust approach. On November 12, 2020, it raised $100 million in a Series E funding round led by Vista Equity Partners, with participation from Neuberger Berman funds, General Catalyst, JP Morgan, and other existing investors including Osage University Partners. The round valued the company at $800 million post-money, bringing total funding to over $250 million. The new capital was intended to fuel market expansion, scale go-to-market capabilities, increase engineering investments for faster product delivery, and capitalize on rising demand driven by remote work, decentralized networks, SaaS/cloud adoption, and heightened cyber threats amid the COVID-19 pandemic. CEO Amir noted rapid business growth with net new sales up 155% year-over-year in 2020, attributing momentum to sectors like critical infrastructure, financial services, and government facing increased attacks. This Series E followed a $75 million Series D in July 2019 led by JP Morgan with General Catalyst, Sutter Hill Ventures, and Osage University Partners. Vista Equity Partners, managing over $58 billion in commitments and focused on enterprise software and tech-enabled firms, highlighted Menlo's unique isolation technology neutralizing attack vectors. The round positioned Menlo nearing unicorn status, with its CEO suggesting it could be the last funding before potential IPO. |
| Jul 2019 | Series D | JPMorgan Asset Management (lead); General Catalyst; HSBC; Sutter Hill Ventures; Amex Ventures; Engineering Capital; JPMorgan Chase; OUP (Osage University Partners) | $75M | - | Menlo Security closed a $75 million Series D funding round on July 9, 2019, led by JP Morgan Asset Management. The company is a cloud-based cybersecurity platform specializing in internet isolation technology to protect enterprises from phishing, malware, and ransomware attacks. Existing investors including General Catalyst, Sutter Hill Ventures, Osage University Partners, American Express Ventures, HSBC, JP Morgan Chase, and Engineering Capital also participated. The round brought total capital raised to approximately $160 million. CEO Amir Ben-Efraim stated the funding would be used to expand the global sales team, including doubling the U.S. sales team within 12 months and expanding into Asia-Pacific and Europe. Ben-Efraim declined to disclose the company's valuation at the time, saying only that Menlo Security had doubled its annual recurring revenue in 2018 compared to 2017 and expected similar growth from 2018 to 2019, maintaining a multi-year trajectory of approximately 100% year-over-year growth. By November 2020, the company closed a Series E round at an $800 million valuation, demonstrating significant value growth following the July 2019 Series D. |
| Dec 2017 | Series C | General Catalyst; HSBC; Sutter Hill Ventures; Amex Ventures; Engineering Capital; JPMorgan Chase; Ericsson Ventures; OUP (Osage University Partners) | $40M | - | Menlo Security, a cybersecurity startup based in Menlo Park, California, raised $40 million in a Series C funding round announced on December 11, 2017. New investors included American Express Ventures, Ericsson Ventures, and HSBC, while existing investors such as JPMorgan Chase, General Catalyst, Sutter Hill Ventures, Osage University Partners, and Engineering Capital also participated. This brought the company's total funding to $85 million. The company provides a Security Isolation Platform that protects enterprises from malware, phishing, ransomware, and other threats by isolating web content, email links, and documents in the cloud using Linux Containers (LXC). It executes potentially risky content remotely and delivers a clean, malware-free version to users' endpoints without installing software on devices or disrupting user experience. Customers included Macy’s, Fujitsu, First Community Bank, Internet Initiative Japan (IIJ), and organizations in government, healthcare, technology, and hospitality sectors. Menlo reported protecting over a million users at hundreds of companies with zero infections to date. Proceeds from the round were allocated to expand sales and marketing efforts, grow the international presence, hire for a worldwide sales team (aiming to increase headcount from 125 to nearly 200 by end of 2018), and further develop the platform. CEO Amir Ben-Efraim emphasized accelerating go-to-market motion and investing in innovation to keep pace with evolving threats. The platform also offers a dashboard for activity metrics and real-time user coaching on risky behaviors. Menlo emerged from stealth in June 2015 after a $25 million Series B and had gained industry recognition, including being named a 'Cool Vendor' in Gartner's 2017 report on Security for Midsize Enterprises, which noted isolation could reduce end-user system compromises by 70%. The funding occurred amid a wave of cybersecurity investments, with peers like Illumio ($125M Series D), SentinelOne ($70M Series C), and Bitglass ($45M Series C) raising similar amounts that year. |
| Jun 2015 | Series B | Sutter Hill Ventures (lead); General Catalyst; Engineering Capital; JPMorgan Chase; OUP (Osage University Partners) | $25M | - | - |
| Nov 2014 | Series A | General Catalyst (lead); OUP (Osage University Partners) | $11M | - | Menlo Security raised $10.5 million in Series A funding in November 2014, led by General Catalyst with participation from Osage University Partners. Menlo Security operates a cloud-based isolation platform designed to protect enterprises against malware, phishing, and other cybersecurity threats across web, email, and document downloads. The funding was intended to scale operations and enhance product development. The company later achieved significant traction, with later sources indicating 155% ARR growth by 2020 and eventually exceeding $100 million in ARR, demonstrating strong market adoption among enterprise customers including major financial institutions and critical infrastructure organizations. |
Who has invested in Menlo Security?
11 investors have backed Menlo Security across its funding rounds, including General Catalyst, OUP (Osage University Partners), JPMorgan Chase, Amex Ventures, Sutter Hill Ventures and Engineering Capital.
Lead investors include Vista Equity Partners, JPMorgan Asset Management, Sutter Hill Ventures and General Catalyst.
Menlo Security Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Nov 2014 | ||
| 5 | Participant | Nov 2014 | ||
| 4 | Participant | Jun 2015 | ||
| 3 | Lead | Jun 2015 | ||
| 3 | Participant | Dec 2017 | ||
| 3 | Participant | Jun 2015 | ||
| 2 | Participant | Dec 2017 | ||
| 1 | Lead | Nov 2020 | ||
| 1 | Lead | Jul 2019 | ||
This data is available for Pro users. Sign up to see all 11 Menlo Security investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Menlo Security
Menlo Security has acquired 1 company to date.
Last acquisition by Menlo Security was on February 19th 2025. Menlo Security acquired Votiro for $38M.
Latest Acquisitions by Menlo Security
| Description | - |
| HQ Country | |
| HQ City | - |
| Deal Date | 19 Feb 2025 |
| Valuation | $38M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Menlo Security acquisitions and their M&A valuation multiples. Start Free Trial | |
Menlo Security Competitors
Menlo Security competitors include listed companies like Asiainfo Security, Mitek Systems and Riskified, and private ones like CyCognito, Second Front Systems and Nile.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $800M | - | ||
| Private | - | - | $785M | - | ||
| Publicly listed | $1.2B | ($11M) | $781M | 1.1x | ||
| Publicly listed | $180M | $37M | $781M | 3.7x | ||
| Private | $8M | - | $775M | 96.9x | ||
| Publicly listed | $345M | ($31M) | $833M | 1.6x |
Menlo Security Public Comps
Menlo Security is still privately-owned, but its public comps include Asiainfo Security, Mitek Systems, Riskified, Rapid7, Yubico, CANCOM, BeiJing Certificate, Feitian Technologies, OneSpan and DBAPPSecurity.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.2B | ($11M) | 1.2x | 1.1x | (126.2x) | 339.7x | |||
| $180M | $37M | 4.1x | 3.7x | 19.9x | 11.2x | |||
| $345M | ($31M) | 1.8x | 1.6x | (20.3x) | 19.0x | |||
| $860M | $63M | 1.3x | 1.3x | 17.4x | 6.8x | |||
| $226M | $19M | 3.3x | 3.2x | 39.7x | 25.6x | |||
| $2B | $118M | 0.4x | 0.4x | 6.3x | 5.7x | |||
| $125M | ($12M) | 6.7x | - | (70.9x) | - | |||
| $104M | ($4K) | 6.2x | - | (168378.6x) | - | |||
This data is available for Pro users. Sign up to see all Menlo Security competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Menlo Security
| When was Menlo Security founded? | Menlo Security was founded in 2012. |
| Where is Menlo Security headquartered? | Menlo Security is headquartered in San Francisco, CA, United States. |
| Is Menlo Security publicly listed? | No, Menlo Security is a private, VC-backed company. |
| What is Menlo Security's valuation? | Menlo Security was last valued at $800M in its Series E in November 2020. |
| How much funding has Menlo Security raised? | Menlo Security has raised $251M across 5 funding rounds. |
| What was Menlo Security's last funding round? | Menlo Security's last funding round was a $100M Series E in November 2020, led by Vista Equity Partners. |
| Who are Menlo Security's investors? | Menlo Security's investors include General Catalyst, OUP (Osage University Partners), JPMorgan Chase, Sutter Hill Ventures, Amex Ventures, Engineering Capital, HSBC, Vista Equity Partners, JPMorgan Asset Management, Neuberger Berman and 1 other. |
| Which companies are comparable to Menlo Security? | Companies comparable to Menlo Security include CyCognito, Second Front Systems, Asiainfo Security, Mitek Systems, Nile and Riskified. |
| How many companies has Menlo Security acquired? | Menlo Security has acquired 1 company, including Votiro. |
| What was the largest acquisition by Menlo Security? | The $38M acquisition of Votiro in February 2025 is the largest acquisition Menlo Security has made to date. |
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