Nord Security Valuation, Funding & Investors

Nord Security is valued at $3B as of September 2023.

Last Nord Security valuation

$3B

Undisclosed stage · Sep 2023

Last Nord Security funding round

$100M

Undisclosed stage · Sep 2023

Cumulative funding Nord Security raised

$206M

across 2 funding rounds

Key investors in Nord Security

  • Burda Principal Investments
  • Novator
  • General Catalyst
  • Warburg Pincus
  • BaltCap
  • Illusian Group

Nord Security Overview

About Nord Security

Nord Security is a Vilnius-headquartered cybersecurity company providing VPN services through NordVPN and Surfshark brands. The firm offers privacy tools, password managers, and secure storage for consumers and enterprises worldwide. It operates data centers in 60 countries and serves millions of users with no-log policies audited by third parties.


Founded

2012

HQ

LithuaniaVilnius

Status

Privately held

Customer focus

B2B & B2C

Revenue model

Subscription

Valuation

$3B (Sep 2023)

Nord Security Valuation

Nord Security is currently valued at $3B, based on its undisclosed-stage round in September 2023.

The $100M round was led by Warburg Pincus, with participation from Burda Principal Investments and Novator.

Nord Security's valuation has grown 1.9x from $1.6B at its undisclosed-stage round in April 2022 to $3B in September 2023, across 2 priced rounds.

Nord Security valuation by funding round

Nord Security valuation by funding round
DateStageValuation
Sep 2023Undisclosed stage$3B
Apr 2022Undisclosed stage$1.6B

Nord Security Funding History

Nord Security has raised a total of $206M across 2 funding rounds.

Nord Security's first fundraising round was a $106M undisclosed-stage round in April 2022. The most recent completed round was a $100M undisclosed-stage round in September 2023.

Nord Security funding rounds

Nord Security funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2023Undisclosed stageWarburg Pincus (lead); Burda Principal Investments; Novator$100M$3BNord Security, the Lithuanian parent company of NordVPN and Surfshark, is a global leader in internet privacy and security solutions offering products like VPN services, encrypted cloud storage, password managers, and network access security software for both consumers and businesses. The company raised $100 million in a strategic funding round on September 28, 2023, led by Warburg Pincus from its Capital Solutions Founders Fund, with participation from existing investors Novator Ventures and Burda Principal Investments. This round valued the company at $3 billion, nearly doubling its previous $1.6 billion valuation from an April 2022 $100 million round backed by the same investors plus General Catalyst. The fresh capital is earmarked for expanding Nord Security's product lineup, driving organic growth, and pursuing strategic mergers and acquisitions to enhance cybersecurity offerings amid rising cyber threats and evolving digital landscapes. Nord Security has established itself as a market outlier, achieving valuation growth despite broader venture capital slowdowns, supported by its track record in combating cybercrime and strong position in consumer cybersecurity. Warburg Pincus highlighted the company's alignment with their cybersecurity investment focus, having deployed over $22 billion in tech including peers like Crowdstrike and BitSight. Post-merger with Surfshark in 2022, Nord Security serves millions of users worldwide, maintaining flagship products like NordVPN and Surfshark as mainstream solutions. Investors like Burda Principal Investments praised the firm's exceptional growth and management team. Legal advisors Kirkland & Ellis facilitated Warburg Pincus's minority investment at the $3 billion mark, underscoring the company's momentum in a complex market.
Apr 2022Undisclosed stageNovator (lead); General Catalyst; Tesonet; Audrey Capital; Miki Kuusi; Burda Principal Investments; Matt Mullenweg; BaltCap; Ilkka Paananen; Illusian Group$106M$1.6BNord Security, a Lithuanian cybersecurity company known for products like NordVPN, NordPass, NordLayer, and NordLocker, raised $100 million in its first external funding round in April 2022, led by Novator Ventures with participation from Burda Principal Investments, General Catalyst, and angels including Audrey Capital, BaltCap, Ilkka Paananen, Illusian Founder Office, Matt Mullenweg, Miki Kuusi, and Tesonet. The round valued the company at a post-money $1.6 billion, making it Lithuania's second tech unicorn after a decade of bootstrapping. The funds were intended to expand consumer and enterprise business lines amid rapid growth in demand for privacy and security solutions. Nord Security had already built a global user base through its flagship VPN services and diversified revenue streams, demonstrating resilience in turbulent markets. Prior to external funding, the company operated profitably on a sustainable model. This 2022 Series A preceded a follow-on $100 million round in September 2023 led by Warburg Pincus, doubling valuation to $3 billion with continued participation from Novator and Burda, funding further product expansion and acquisitions like the 2022 Surfshark merger that bolstered its consumer cybersecurity portfolio.

Who has invested in Nord Security?

11 investors have backed Nord Security across its funding rounds, including Burda Principal Investments, Novator, General Catalyst, Warburg Pincus, BaltCap and Illusian Group.

Lead investors include Warburg Pincus and Novator.


Nord Security Investors

Investors in Nord Security by funding rounds participated
InvestorHQRoundsRoleFirst check
Burda Principal InvestmentsGermanyMunich2ParticipantApr 2022
NovatorUnited KingdomLondon2LeadApr 2022
General CatalystUnited StatesSan Francisco, CA1ParticipantApr 2022
TesonetLithuaniaVilnius1ParticipantApr 2022
Audrey CapitalUnited StatesSan Francisco, CA1ParticipantApr 2022
Miki KuusiFinlandHelsinki1ParticipantApr 2022
Matt MullenwegUnited StatesHouston, TX1ParticipantApr 2022
BaltCapEstoniaTallinn1ParticipantApr 2022
Ilkka PaananenFinlandHelsinki1ParticipantApr 2022

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Acquisitions by Nord Security

Nord Security has acquired 1 company to date.

Last acquisition by Nord Security was on October 15th 2021. Nord Security acquired Atlas VPN for undisclosed valuation.


Latest Acquisitions by Nord Security

Atlas VPN
Description
Atlas VPN is a secure virtual private network service offering free and premium plans for online privacy. The Lithuania-headquartered provider features unlimited bandwidth, ad-blocking, and multi-device support across Windows, macOS, Android, and iOS. It operates servers in 30 countries with AES-256 encryption to protect user traffic from surveillance and cyber threats.
HQ CountryUnited States
HQ City
New York City, NY
Deal Date15 Oct 2021
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Nord Security Competitors

Nord Security competitors include listed companies like QiAnXin and AvePoint, and private ones like Claroty, Dream Security, Forter and Qi An Xin.

Public and private companies comparable to Nord Security
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ClarotyUnited StatesNew York City, NYPrivate$200M-$3B15.0x
Dream SecurityIsraelTel AvivPrivate$100M-$3B-
ForterUnited StatesNew York City, NYPrivate$200M-$3B15.0x
Qi An XinChinaBeijingPrivate$902M-$3B3.3x
QiAnXinChinaChinaPublicly listed$655M($147M)$2.8B4.5x
AvePointUnited StatesUnited StatesPublicly listed$419M$42M$2.8B4.9x

Nord Security Public Comps

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

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Cellebrite$476M$79M5.3x4.7x31.6x17.0x
QiAnXin$655M($147M)4.7x4.5x(20.8x)(42.3x)
AvePoint$419M$42M5.7x4.9x56.7x26.6x
NetScout Systems$859M$163M2.5x2.5x13.4x9.1x
Venustech Group$349M($60M)6.8x6.1x(39.2x)11338.3x
Tenable$999M$31M4.0x3.8x127.7x15.0x
Clear Secure$901M$216M3.5x3.0x14.4x8.9x
A10 Networks$291M$62M6.1x5.6x28.5x18.5x

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Common questions about Nord Security

When was Nord Security founded?Nord Security was founded in 2012.
Where is Nord Security headquartered?Nord Security is headquartered in Vilnius, Lithuania.
Is Nord Security publicly listed?No, Nord Security is a private, VC-backed company.
What is Nord Security's valuation?Nord Security was last valued at $3B in its undisclosed-stage round in September 2023.
How much funding has Nord Security raised?Nord Security has raised $206M across 2 funding rounds.
What was Nord Security's last funding round?Nord Security's last funding round was a $100M undisclosed-stage round in September 2023, led by Warburg Pincus.
Who are Nord Security's investors?Nord Security's investors include Burda Principal Investments, Novator, General Catalyst, Tesonet, Audrey Capital, Miki Kuusi, Matt Mullenweg, BaltCap, Ilkka Paananen, Warburg Pincus and 1 other.
Which companies are comparable to Nord Security?Companies comparable to Nord Security include Claroty, Dream Security, Forter, Qi An Xin, QiAnXin and AvePoint.
How many companies has Nord Security acquired?Nord Security has acquired 1 company, including Atlas VPN.

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