Second Front Systems Valuation, Funding & Investors

Second Front Systems is valued at $785M as of September 2024.

Last Second Front Systems valuation

$785M

Series C · Sep 2024

Last Second Front Systems funding round

$70M

Series C · Sep 2024

Cumulative funding Second Front Systems raised

$152M

across 6 funding rounds

Key investors in Second Front Systems

  • Artis Ventures
  • Kleiner Perkins
  • 8VC
  • Abstract
  • Moore Strategic Ventures
  • Gula Tech Adventures

Second Front Systems Overview

About Second Front Systems

Second Front Systems is an Arlington-headquartered software platform that accelerates SaaS deployment for U.S. government agencies. The 2F Suite handles DevSecOps pipelines, compliance accreditation, and observability for mission-critical applications. Trusted by the Department of Defense and providers like Palantir, it supports rapid integration in classified environments under RMF and CMMC frameworks. Founded in 2019 as a public-benefit corporation, Second Front Systems raised $32 million in Series A funding and maintains partnerships with AWS and Microsoft Azure.


Founded

2014

HQ

United StatesWilmington, DE

Status

Privately held

Customer focus

B2G

Revenue model

Subscription

Valuation

$785M (Sep 2024)

Second Front Systems Valuation

Second Front Systems is currently valued at $785M, based on its Series C in September 2024.

The $70M round was led by Salesforce Ventures, with participation from New Enterprise Associates, Battery Ventures, Artis Ventures and Moore Strategic Ventures.

Second Front Systems valuation by funding round

Second Front Systems valuation by funding round
DateStageValuation
Sep 2024Series C$785M

Second Front Systems Funding History

Second Front Systems has raised a total of $152M across 6 funding rounds.

Second Front Systems' first fundraising round was a $6M seed round in July 2020. The most recent completed round was a $70M Series C in September 2024.

Second Front Systems funding rounds

Second Front Systems funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2024Series CSalesforce Ventures (lead); New Enterprise Associates; Battery Ventures; Artis Ventures; Moore Strategic Ventures$70M$785MSecond Front Systems (2F) is a public-benefit software company that enables the delivery of mission-critical software solutions to U.S. and allied governments by fast-tracking government access to SaaS applications through its Game Warden platform, which is DOD-accredited for up to TOP SECRET and FedRAMP In Process. The platform simplifies software delivery to regulated networks, including development, accreditation, operation, and extensibility, bridging commercial tech companies with defense needs. On September 13, 2024, Second Front Systems closed a $70 million Series C funding round led by Salesforce Ventures, with participation from new investor Battery Ventures and existing investors New Enterprise Associates (NEA), Moore Strategic Ventures, and Artis Ventures. The funding aims to enhance capabilities, accelerate delivery of emerging technology and software tools, expand product suite, support additional regulated networks, and deepen partnerships with governments for global security missions. The company reported 475% revenue growth and over 350% customer growth in the last 18 months prior to the announcement, alongside growing to nearly 130 employees. Game Warden is trusted by organizations like Microsoft, Amazon Web Services, Learn to Win, and DEFCON AI, and follows 2F's #28 ranking on the Silicon Valley Defense Group's NATSEC100 with the second highest year-over-year jump. This Series C brings total funding to over $148 million across multiple rounds, including a $40 million Series B in November 2023 and earlier rounds. The investment supports continued momentum in deploying commercial apps into classified environments, international expansion, and scaling operations amid rising defense tech demand.
Nov 2023Series BNew Enterprise Associates (lead); Moore Strategic Ventures; AEI Horizon X$40M-Second Front Systems, a Wilmington, Delaware-based public-benefit software company founded in 2014, accelerates the delivery of mission-critical commercial software solutions, particularly SaaS applications, to government and national security missions. The company helps bridge barriers between commercial technology providers and public sector buyers, enabling rapid deployment—often in days rather than years—across classified networks and various security regimes. Second Front's platform, including its Game Warden product, is trusted by organizations like Microsoft, Amazon Web Services, Learn to Win, and DEFCON AI, facilitating quick access to SaaS for national security tasks. The company achieved recognition as #28 on the Silicon Valley Defense Group's NATSEC100 list prior to a subsequent funding round. On November 28, 2023, Second Front Systems announced a $40 million Series B funding round led by New Enterprise Associates (NEA), with participation from existing investors Moore Strategic Ventures and AE Industrial Partners HorizonX (noted as AEI HorizonX in some sources). This round brought the company's total funding to $80.1 million at the time, following a prior $32 million oversubscribed Series A in December 2022 led by Moore Strategic Ventures and co-led by AEI HorizonX. The Series B funds were earmarked for expanding capabilities across classified networks, rapid global expansion, and supporting customers in both commercial and public sector markets, including plans to enter state and local agencies beyond its initial federal focus. Post-Series B, Second Front raised a $70 million Series C on September 13, 2024, led by Salesforce Ventures with new investor Battery Ventures and existing backers including NEA, Moore Strategic Ventures, and Artis Ventures, bringing total funding over $150 million across multiple rounds.
Jan 2023Series AGALLOS Technologies (lead)$2M--
Dec 2022Series AAEI Horizon X (lead); Moore Strategic Ventures (lead); Kleiner Perkins; 8VC; Artis Ventures; Pallas Ventures; Gaingels; Abstract; Gula Tech Adventures$32M-Second Front Systems (2F) is a public-benefit software company headquartered in Arlington, VA, focused on accelerating the delivery of mission-critical SaaS solutions to government and national security missions via its fully managed DevSecOps platform Game Warden. The platform enables rapid accreditation and deployment of commercial software in secure cloud environments like AWS GovCloud at Impact Levels 2, 4, and 5. Founded by former U.S. Marines, 2F addresses the challenges of outdated technology in combat by fast-tracking government access to disruptive SaaS from defense contractors and startups. On December 7, 2022, Second Front Systems raised an oversubscribed $32 million Series A funding round, co-led by Moore Strategic Ventures and AEI HorizonX, with participation from ARTIS Ventures, 8VC, Gula Tech Adventures, Abstract Ventures, Pallas Ventures, Gaingels, and Kleiner Perkins. The funds are allocated to expand technical talent, enhance cybersecurity testing and ML-driven automation in Game Warden, and scale sales and marketing in the $22 billion market for U.S. Government and DoD adoption of cloud-enabled technologies. This follows a Defense Innovation Unit (DIU) Prototype Other Transaction agreement for the Proving Grounds project, a special operations testbed for emergent technologies. A $2 million strategic investment from GALLOS Technologies in February 2023 served as a secondary close to the Series A, supporting UK market entry. Subsequent developments include a $40 million raise in 2023 after tripling revenue, office openings in London and Australia, and hires like an AWS veteran for public sector leadership.
Jan 2021SeedArtis Ventures (lead); Kleiner Perkins; 8VC; Pallas Ventures; Abstract; Gula Tech Adventures$2M--
Jul 2020SeedArtis Ventures (lead); Kleiner Perkins; 8VC; Abstract; Gula Tech Adventures$6M-Second Front Systems raised $6 million in a seed round in June 2020. The investors match the query including Artis Ventures as lead. The company develops software that accelerates delivery of mission-critical technology to U.S. warfighters and national security professionals using its Game Warden DevSecOps platform for deploying commercial SaaS in government environments.

Who has invested in Second Front Systems?

13 investors have backed Second Front Systems across its funding rounds, including Artis Ventures, Kleiner Perkins, 8VC, Abstract, Moore Strategic Ventures and Gula Tech Adventures.

Lead investors include Salesforce Ventures, New Enterprise Associates, GALLOS Technologies, AEI Horizon X, Moore Strategic Ventures and 1 other investor.


Second Front Systems Investors

Investors in Second Front Systems by funding rounds participated
InvestorHQRoundsRoleFirst check
Artis VenturesUnited StatesSan Francisco, CA4LeadJul 2020
Kleiner PerkinsUnited StatesSan Francisco, CA3ParticipantJul 2020
8VCUnited StatesSan Francisco, CA3ParticipantJul 2020
AbstractUnited StatesSan Francisco, CA3ParticipantJul 2020
Moore Strategic VenturesUnited StatesNew York City, NY3LeadDec 2022
Gula Tech AdventuresUnited StatesBaltimore, MD3ParticipantJul 2020
New Enterprise AssociatesUnited StatesSan Francisco, CA2LeadNov 2023
Pallas VenturesUnited StatesWashington, DC2ParticipantJan 2021
AEI Horizon XUnited StatesBoca Raton, FL2LeadDec 2022
Salesforce VenturesUnited StatesSan Francisco, CA1LeadSep 2024
GALLOS TechnologiesUnited KingdomLondon1LeadJan 2023

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Second Front Systems Competitors

Second Front Systems competitors include listed companies like Digital Arts, Secunet, Cellebrite and Jiuyuan Yinhai, and private ones like Govini and Sardine.

Public and private companies comparable to Second Front Systems
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Digital ArtsJapanJapanPublicly listed$70M$37M$427M3.7x
SecunetGermanyGermanyPublicly listed$528M$86M$1.5B2.6x
CellebriteIsraelIsraelPublicly listed$476M$79M$3B4.8x
GoviniUnited StatesWashington, DCPrivate$100M-$1B10.0x
Jiuyuan YinhaiChinaChinaPublicly listed$184M$22M$751M4.1x
SardineUnited StatesMiami, FLPrivate--$660M-

Second Front Systems Public Comps

Second Front Systems is still privately-owned, but its public comps include Asiainfo Security, Mitek Systems, Jiuyuan Yinhai, Guotai Epoint Sofware, CANCOM, Riskified, Rapid7, Yubico, e-Hualu and Fujian Boss Software.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Asiainfo Security$1.2B($11M)1.2x1.1x(126.2x)339.7x
Mitek Systems$180M$37M4.1x3.7x19.9x11.2x
Jiuyuan Yinhai$184M$22M4.0x4.1x33.3x33.7x
Guotai Epoint Sofware$274M$14M1.3x1.4x26.2x25.3x
CANCOM$2B$118M0.4x0.4x6.3x5.7x
Riskified$345M($31M)1.8x1.6x(20.3x)19.0x
Rapid7$860M$63M1.3x1.3x17.4x6.8x
Yubico$226M$19M3.3x3.2x39.7x25.6x

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Common questions about Second Front Systems

When was Second Front Systems founded?Second Front Systems was founded in 2014.
Where is Second Front Systems headquartered?Second Front Systems is headquartered in Wilmington, DE, United States.
Is Second Front Systems publicly listed?No, Second Front Systems is a private, VC-backed company.
What is Second Front Systems' valuation?Second Front Systems was last valued at $785M in its Series C in September 2024.
How much funding has Second Front Systems raised?Second Front Systems has raised $152M across 6 funding rounds.
What was Second Front Systems' last funding round?Second Front Systems' last funding round was a $70M Series C in September 2024, led by Salesforce Ventures.
Who are Second Front Systems' investors?Second Front Systems' investors include Artis Ventures, Kleiner Perkins, 8VC, Abstract, Moore Strategic Ventures, Gula Tech Adventures, New Enterprise Associates, Pallas Ventures, AEI Horizon X, Salesforce Ventures and 3 others.
Which companies are comparable to Second Front Systems?Companies comparable to Second Front Systems include Digital Arts, Secunet, Cellebrite, Govini, Jiuyuan Yinhai and Sardine.

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