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- Recorded Future
Recorded Future Acquisition, Valuation, Funding & Investors
Recorded Future was acquired by Mastercard for $2.6B in September 2024.
Cumulative funding Recorded Future raised
$58M
across 3 funding rounds
Key investors in Recorded Future
Insight Partners
GV
Balderton Capital
Accomplice
IQT
MassMutual Ventures
IA Ventures
REV
About Recorded Future
Recorded Future is a Somerville-headquartered threat intelligence provider founded in 2009 that operates an Intelligence Cloud analyzing open web, dark web, and technical sources. It delivers real-time insights on adversaries, infrastructure, and vulnerabilities to cybersecurity teams at enterprises and governments worldwide. The platform powers proactive threat hunting and risk mitigation.
Founded
2009
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Valuation
$2.6B (acquired Sep 2024)
Recorded Future Acquisition
Recorded Future was acquired by Mastercard for $2.6B on 12 September 2024.
Before the acquisition Recorded Future had raised $58M across 3 funding rounds.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 12 Sep 2024 | Strategic M&A | $2.6B |
Recorded Future Funding History
Recorded Future has raised a total of $58M across 3 funding rounds.
Recorded Future's first fundraising round was a $12M Series D in April 2015. The most recent completed round was a $21M undisclosed-stage round in March 2022.
Recorded Future funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Mar 2022 | Undisclosed stage | - | $21M | Recorded Future is a threat intelligence platform headquartered in Somerville, Massachusetts, founded in 2009. The company provides cybersecurity intelligence solutions and has grown to employ over 1,000 people. The company continues to be a significant player in the cybersecurity intelligence space, providing real-time visibility into cyber threats and supporting enterprise security operations. More recently, in September 2024, the company was acquired, marking a significant exit for the threat intelligence platform. |
| Oct 2017 | Series E | Insight Partners (lead) | $25M | Recorded Future, a leader in machine learning-based threat intelligence, announced a $25 million Series E funding round on October 31, 2017, led by Insight Venture Partners to support growth, geographical expansion, and product development in cybersecurity. The funding aimed to enhance its platform that leverages real-time internet crawling across surface, deep, and dark web sources to deliver actionable threat intelligence. Prior to this round, Recorded Future had raised approximately $35 million across earlier rounds, bringing total funding to nearly $60 million by late 2017. Insight Partners, a global VC firm focused on high-growth tech and software companies, had previously invested and continued support in this round. The company positioned itself as a key player in the threat intelligence market, forecasted by Gartner to grow from $670 million in 2016 to $1.8 billion by 2021. Later, in May 2019, Insight Partners acquired a controlling interest in Recorded Future for over $780 million post-money valuation, buying out earlier investors including GV, In-Q-Tel, IA Ventures, and others. This acquisition accelerated global growth, with the company serving over 400 clients on its SaaS platform by 2019. Recorded Future continued scaling, culminating in its acquisition by Mastercard from Insight Partners for $2.65 billion, following the 2019 deal. |
| Apr 2015 | Series D | REV (lead); Accomplice; Balderton Capital; GV; MassMutual Ventures; IA Ventures; IQT | $12M | Recorded Future raised $12 million in its Series D funding round on April 16, 2015, led by REV (Reed Elsevier Ventures) with participation from MassMutual Ventures and existing investors including Google Ventures (GV), In-Q-Tel (IQT), IA Ventures, Balderton Capital, and others. The funding supported expansion in the US, UK, and Sweden, following over 100% bookings growth in 2014 and adoption by top financial institutions, technology companies, cybersecurity firms, MSSPs, and government agencies. The company's Web Intelligence Engine analyzes billions of web data sets to detect emerging cyberattack patterns, serving enterprise customers including four of the top five companies worldwide. Kevin Brown from REV joined the board, highlighting the company's differentiation in the threat intelligence market. |
Who has invested in Recorded Future?
8 investors have backed Recorded Future across its funding rounds, including Insight Partners, GV, Balderton Capital, Accomplice, IQT and MassMutual Ventures.
Lead investors include Insight Partners and REV.
Recorded Future Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Apr 2015 | ||
| 1 | Lead | Apr 2015 | ||
| 1 | Participant | Apr 2015 | ||
| 1 | Participant | Apr 2015 | ||
| 1 | Participant | Apr 2015 | ||
| 1 | Participant | Apr 2015 | ||
This data is available for Pro users. Sign up to see all 8 Recorded Future investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Recorded Future
Recorded Future has acquired 3 companies to date.
Last acquisition by Recorded Future was on July 8th 2022. Recorded Future acquired Hatching for undisclosed valuation.
Latest Acquisitions by Recorded Future
| Description | Hatching is a cybersecurity firm offering malware sandboxing through its Hatching Triage platform. Enterprise security teams and service providers use the unlimited, free tool at tria.ge to analyze threats and protect end-users. The solution processes malware samples with state-of-the-art detonation environments. | SecurityTrails is a data intelligence platform aggregating historical and current domain and IP information for threat hunting and risk assessment. The company provides API access to internet asset data for attack surface management and third-party monitoring. Used by Fortune 500 firms, security vendors, and governments, its Denver-based infrastructure supports rapid queries for shadow IT discovery. | Gemini Advisory is a cybersecurity intelligence firm monitoring the dark web for cyber threats, data breaches, and ransomware activities. The company retrieves stolen data, conducts brand protection, and negotiates extortion payments for clients including financial institutions and governments. Acquired by Mandiant in 2021, Gemini operates from offices in the U.S. and Europe. |
| HQ Country | |||
| HQ City | Amsterdam | Los Angeles, CA | Miami, FL |
| Deal Date | 8 Jul 2022 | 4 Jan 2022 | 16 Mar 2021 |
| Valuation | undisclosed | $65M | $52M |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Recorded Future acquisitions and their M&A valuation multiples. Start Free Trial | |||
Recorded Future Competitors
Recorded Future competitors include listed companies like CommVault Systems and Teradata, and private ones like Devo, SpyCloud, JumpCloud and Axonius.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $2B | - | ||
| Private | - | - | $1.6B | - | ||
| Publicly listed | $1.2B | $84M | $6.2B | 5.0x | ||
| Private | $56M | - | $2.6B | 46.9x | ||
| Private | $100M | - | $2.6B | 26.0x | ||
| Publicly listed | $1.7B | $285M | $2.7B | 1.5x |
Recorded Future Public Comps
Recorded Future is no longer listed, but its public comps include Teradata, QiAnXin, Venustech Group, NetScout Systems, AvePoint, Cellebrite, Business-intelligence, A10 Networks, Dameng Database and Transwarp.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.7B | $285M | 1.4x | 1.5x | 8.4x | 5.3x | |||
| $655M | ($147M) | 4.6x | 4.5x | (20.4x) | (41.4x) | |||
| $349M | ($60M) | 6.6x | 6.0x | (38.4x) | (176057.4x) | |||
| $859M | $163M | 2.6x | 2.6x | 13.9x | 9.5x | |||
| $419M | $42M | 5.9x | 5.1x | 58.4x | 27.4x | |||
| $476M | $79M | 5.4x | 4.8x | 32.3x | 17.3x | |||
| $389M | $54M | 6.6x | 5.9x | 47.7x | - | |||
| $291M | $62M | 6.3x | 5.7x | 29.4x | 19.1x | |||
This data is available for Pro users. Sign up to see all Recorded Future competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Recorded Future
| When was Recorded Future founded? | Recorded Future was founded in 2009. |
| Where is Recorded Future headquartered? | Recorded Future is headquartered in Boston, MA, United States. |
| Is Recorded Future publicly listed? | No, Recorded Future was acquired by Mastercard in September 2024. |
| Who acquired Recorded Future? | Recorded Future was acquired by Mastercard in September 2024. |
| How much was Recorded Future acquired for? | Recorded Future was acquired for $2.6B in September 2024. |
| How much funding has Recorded Future raised? | Recorded Future has raised $58M across 3 funding rounds. |
| What was Recorded Future's last funding round? | Recorded Future's last funding round was a $21M undisclosed-stage round in March 2022. |
| Who are Recorded Future's investors? | Recorded Future's investors include Accomplice, REV, Balderton Capital, GV, MassMutual Ventures, IA Ventures, Insight Partners and IQT. |
| Which companies are comparable to Recorded Future? | Companies comparable to Recorded Future include Devo, SpyCloud, CommVault Systems, JumpCloud, Axonius and Teradata. |
| How many companies has Recorded Future acquired? | Recorded Future has acquired 3 companies, including Hatching, SecurityTrails and Gemini Advisory. |
| What was the largest acquisition by Recorded Future? | The $65M acquisition of SecurityTrails in January 2022 is the largest acquisition Recorded Future has made to date. |
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