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- NetSPI
NetSPI Funding, Investors & Competitors
NetSPI has raised $500M across 2 funding rounds, most recently a $410M undisclosed-stage round in October 2022.
Last NetSPI funding round
$410M
Undisclosed stage · Oct 2022
Cumulative funding NetSPI raised
$500M
across 2 funding rounds
Key investors in NetSPI
KKR
Ten Eleven Ventures
Sunstone Partners
About NetSPI
NetSPI is a cybersecurity firm delivering penetration testing, attack surface management, and breach simulation services. Its Resolve Platform automates vulnerability assessments for enterprises. Headquartered in Minneapolis, Minnesota, the company serves Fortune 500 clients and was acquired by private equity in 2021.
Founded
2001
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services, Subscription
NetSPI Funding History
NetSPI has raised a total of $500M across 2 funding rounds.
NetSPI's first fundraising round was a $90M undisclosed-stage round in May 2021. The most recent completed round was a $410M undisclosed-stage round in October 2022.
NetSPI funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Oct 2022 | Undisclosed stage | KKR (lead); Sunstone Partners | $410M | NetSPI is a Minneapolis-based leader in enterprise penetration testing and attack surface management, offering solutions like Penetration Testing as a Service (PTaaS), cloud security, red teaming, and vulnerability management via its CorrelatedVM platform. The company serves major clients including nine of the top 10 U.S. banks, large healthcare organizations, global cloud providers, and Fortune 500 firms. Founded in 2001, NetSPI operated profitably as a bootstrapped business until its first institutional investment from Sunstone Partners in 2017, followed by a $90 million growth round led by KKR and Ten Eleven Ventures in May 2021. On October 5, 2022, NetSPI announced a $410 million growth investment from KKR, increasing its prior stake, with the proceeds recapitalizing Sunstone Partners as its first institutional investor exited. This round, from KKR's Technology Growth strategy, supports technology innovation, talent acquisition, global expansion, product development, potential acquisitions, and channel program growth, where channel revenue was under 10% at the time. The transaction was set to close by year-end 2022, advised by Goodwin Procter for NetSPI and Latham & Watkins for KKR. NetSPI demonstrated strong traction, with revenue growing five-fold over the prior five years, 50% organic growth in 2021, and 61% growth in 2022 to date, outpacing forecasts. Key drivers included its PTaaS model and the prior acquisition of Silent Break Security. The company positioned itself as a high-growth, profitable cybersecurity leader amid market turbulence, validating its value to enterprise customers. |
| May 2021 | Undisclosed stage | KKR; Ten Eleven Ventures | $90M | NetSPI is a Minneapolis-based leader in enterprise penetration testing and attack surface management, providing offensive security services including cloud, red team, application, and network security testing to major clients such as nine of the top 10 U.S. banks, three of the five largest healthcare companies, leading cloud providers, and many Fortune 500 organizations. In May 2021 (actual announcement May 12, 2021), NetSPI raised $90 million in growth funding led by KKR with participation from Ten Eleven Ventures, following prior investment from Sunstone Partners. The funds were allocated to accelerate growth by expanding cybersecurity and client experience teams, investing in product innovation, and deepening operations in U.S. and international markets. This round positioned NetSPI for continued expansion in the booming cybersecurity market, leveraging expertise to address evolving attack surfaces for prominent organizations. The investment aligned with KKR's Technology Growth strategy and Ten Eleven Ventures' focus on digital security companies. Subsequently, in October 2022, KKR increased its investment with $410 million in new growth funding to support technology innovation, talent acquisition, global expansion, and recapitalizing Sunstone Partners' stake, validating NetSPI's outperformance since the initial 2021 investment. NetSPI has raised a total of approximately $500 million across rounds as of later updates. |
Who has invested in NetSPI?
3 investors have backed NetSPI across its funding rounds, including KKR, Ten Eleven Ventures and Sunstone Partners.
Lead investors include KKR.
NetSPI Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | May 2021 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by NetSPI
NetSPI has acquired 4 companies to date.
Last acquisition by NetSPI was on September 2nd 2026. NetSPI acquired Synack for undisclosed valuation.
Latest Acquisitions by NetSPI
| Description | Synack runs a crowdsourced security platform combining ethical hackers with automated scanning. The Redwood City-based company offers penetration testing, bug bounties, vulnerability management, and cloud assessments. Synack serves Fortune 500 firms and government agencies in application and infrastructure security. | Hubble is a SaaS platform for technology asset management and cybersecurity compliance. It scans networks to catalog hardware, software, and cloud assets, providing visibility into vulnerabilities and license usage. San Francisco-headquartered, the company serves enterprises undergoing digital transformation by integrating with tools like ServiceNow and Okta for automated remediation workflows. | nVisium is a Reston-based application security firm providing penetration testing and secure development training. Their research uncovers zero-days in platforms like Microsoft Exchange and Adobe products. nVisium delivers DevSecOps tools scaling to enterprise codebases, used by Fortune 500 companies. Founded in 2010, the team authored the Mobile Application Hacking course adopted by SANS Institute. | Silent Break Security is a Boise-based cybersecurity consultancy specializing in penetration testing, red teaming, and control validation for enterprises. Its services assess web applications, cloud infrastructures, and insider threats through methodical simulations. Silent Break Security serves sectors like finance and healthcare with remediation roadmaps and continuous improvement programs, drawing on certified experts in offensive security methodologies. |
| HQ Country | ||||
| HQ City | San Francisco, CA | Reston, VA | Washington, DC | Salt Lake City, UT |
| Deal Date | 2 Sep 2026 | 13 Jun 2024 | 10 Jan 2023 | 2 Dec 2020 |
| Valuation | undisclosed | undisclosed | $410M | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all NetSPI acquisitions and their M&A valuation multiples. Start Free Trial | ||||
Investments by NetSPI
NetSPI has invested in 1 company to date.
Latest investment by NetSPI was on August 24th 2018. NetSPI invested in Omnia Fishing in their $1M Seed round.
Latest Investments by NetSPI
| Description | Omnia Fishing is a Minnesota-based e-commerce platform that organizes fishing tackle sales around specific U.S. lakes and rivers. Anglers select water bodies like Lake Erie or the Mississippi River to access gear recommendations tailored to local species, seasons, and techniques from brands such as Berkley and Rapala. |
| HQ Country | |
| HQ City | Minneapolis, MN |
| Deal Date | 24 Aug 2018 |
| Round | Seed |
| Raised | $1M |
| Investors | Daren Cotter; Gopher Angels |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all NetSPI investments and their VC round multiples. Start Free Trial | |
NetSPI Competitors
NetSPI competitors include listed companies like Palo Alto Networks, CrowdStrike, IBM and Fortinet, and private ones like Safe Superintelligence and Cyera.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $11B | $1B | $307B | 25.9x | ||
| Publicly listed | $4.8B | ($12M) | $252B | 44.5x | ||
| Publicly listed | $68B | $17B | $224B | 4.0x | ||
| Publicly listed | $6.8B | $2.3B | $127B | 15.9x | ||
| Private | - | - | $32B | - | ||
| Private | $150M | - | $12B | 80.0x |
NetSPI Public Comps
NetSPI is still privately-owned, but its public comps include Palo Alto Networks, CrowdStrike, IBM, Fortinet, Cloudflare, Okta, Zscaler, F5, Rubrik and Gen Digital.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $11B | $1B | 26.7x | 25.9x | 301.1x | 76.9x | |||
| $4.8B | ($12M) | 51.4x | 44.5x | (19816.2x) | 151.0x | |||
| $68B | $17B | 4.2x | 4.0x | 16.9x | 14.6x | |||
| $6.8B | $2.3B | 18.1x | 15.9x | 53.7x | 41.9x | |||
| $2.2B | ($25M) | 54.6x | 44.3x | (4653.4x) | 185.1x | |||
| $2.9B | $245M | 10.6x | 10.0x | 126.4x | 36.4x | |||
| $3.4B | $42M | 9.1x | 8.9x | 721.8x | 32.5x | |||
| $3.1B | $901M | 7.5x | 6.9x | 25.8x | 18.3x | |||
This data is available for Pro users. Sign up to see all NetSPI competitors and their valuation data. Start Free Trial | ||||||||
Common questions about NetSPI
| When was NetSPI founded? | NetSPI was founded in 2001. |
| Where is NetSPI headquartered? | NetSPI is headquartered in Minneapolis, MN, United States. |
| Is NetSPI publicly listed? | No, NetSPI is a private, VC-backed company. |
| How much funding has NetSPI raised? | NetSPI has raised $500M across 2 funding rounds. |
| What was NetSPI's last funding round? | NetSPI's last funding round was a $410M undisclosed-stage round in October 2022, led by KKR. |
| Who are NetSPI's investors? | NetSPI's investors include KKR, Sunstone Partners and Ten Eleven Ventures. |
| Which companies are comparable to NetSPI? | Companies comparable to NetSPI include Palo Alto Networks, CrowdStrike, IBM, Fortinet, Safe Superintelligence and Cyera. |
| How many companies has NetSPI acquired? | NetSPI has acquired 4 companies, including Synack, Hubble, nVisium and Silent Break Security. |
| What was the largest acquisition by NetSPI? | The $410M acquisition of nVisium in January 2023 is the largest acquisition NetSPI has made to date. |
| How many companies has NetSPI invested in? | NetSPI has invested in 1 company, including Omnia Fishing. |
| What was NetSPI's last investment? | In August 2018, NetSPI invested in Omnia Fishing's $1M seed round alongside Daren Cotter and Gopher Angels. |
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