SpyCloud Valuation, Funding & Investors
SpyCloud is valued at $1.6B as of August 2020.
Last SpyCloud valuation
$1.6B
Series C · Aug 2020
Last SpyCloud funding round
$110M
Series D · Aug 2023
Cumulative funding SpyCloud raised
$169M
across 5 funding rounds
Key investors in SpyCloud
Silverton Partners
March Capital
Altos Ventures
M12
Riverwood Capital
Centana Growth Partners
About SpyCloud
SpyCloud is a cybersecurity firm headquartered in Austin, Texas, that recaptures credentials from dark web sources including breaches and malware-infected devices. The company processes billions of records through its Cybercrime Analytics platform to deliver alerts on exposed logins and prevent account takeovers and ransomware attacks. Enterprises use SpyCloud's tools to protect employee and customer identities across endpoints and SaaS applications. Among its clients are half of the world's ten largest companies by market capitalization, alongside mid-sized businesses and government entities in multiple countries. Founded in 2016, SpyCloud expanded its reach by integrating with major antivirus providers and identity platforms. The platform also supports dark web monitoring services from third-party vendors.
Founded
2016
HQ
Austin, TXWebsite
Status
Privately held
Customer focus
B2B & B2G
Revenue model
Subscription
Valuation
$1.6B (Aug 2020)
SpyCloud Valuation
SpyCloud is currently valued at $1.6B, based on its Series C in August 2020.
The $30M round was led by Centana Growth Partners, with participation from March Capital, Silverton Partners, M12 and Altos Ventures.
SpyCloud valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2020 | Series C | $1.6B |
SpyCloud Funding History
SpyCloud has raised a total of $169M across 5 funding rounds.
SpyCloud's first fundraising round was a $3M seed round in June 2017. The most recent completed round was a $110M Series D in August 2023.
SpyCloud funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2023 | Series D | Riverwood Capital (lead); Silverton Partners | $110M | - | SpyCloud, an Austin, Texas-based cybersecurity company founded in 2016, operationalizes identity analytics and recaptured darknet data to automate protection against identity-based cyberattacks, including ransomware, account takeover, session hijacking, and online fraud. Its platform analyzes data from breaches, malware-infected devices, and underground sources to identify and remediate stolen credentials, session cookies, and emerging authentication data targeting enterprises, customers, and supply chains. Key products include SpyCloud Compass for post-infection remediation of malware exposures. The company serves over 500 market leaders, including half of the Fortune 10, mid-size firms, and government agencies, protecting over four billion accounts globally, with integrations like Active Directory, Okta, and Tines. On August 23, 2023, SpyCloud closed a $110 million growth round (described as Series D in some reports) of primary and secondary capital, led by Riverwood Capital with participation from Silverton Partners, bringing total equity funding to over $168 million. Prior rounds included a $30 million Series C in 2020 and earlier raises totaling over $58 million. Post-Series C, SpyCloud tripled its revenue while pioneering solutions against emerging threats and partnering with financial institutions, retailers, tech firms, identity monitoring services, and MSSPs. The new funding supports global expansion, hiring in sales and marketing, accelerating innovation in consumer risk and enterprise protection use cases, growing its database of over 450 billion recaptured assets (including 31 billion passwords and 33 billion email addresses), enhancing analytic capabilities, developing authentication bypass prevention amid passkeys and passwordless adoption, and expanding detection capabilities. |
| Aug 2020 | Series C | Centana Growth Partners (lead); March Capital; Silverton Partners; M12; Altos Ventures | $30M | $1.6B | SpyCloud, an Austin-based cybersecurity company founded in 2016, provides an anti-fraud platform specializing in account takeover prevention and fraud investigations. The platform uses human intelligence combined with a curation system to maintain the industry's largest database of compromised assets, enabling organizations to detect exposed credentials early and automate remediation to protect employees and customers. Through direct relationships and partnerships, it safeguards over 2 billion users globally. The Series C round on August 18, 2020, raised $30 million led by Centana Growth Partners, with participation from existing investors M12 (Microsoft's venture fund), Altos Ventures, Silverton Partners, and March Capital Partners, bringing total funding to $58.5 million. The funding supports expansion of product and engineering teams, development of new fraud detection techniques, and hiring about 30 additional staff including machine learning developers, data scientists, and go-to-market experts, aiming to grow from 70 employees. SpyCloud reported tripling its revenue in the year following its Series B, accelerating growth with major financial institutions and enterprises adopting its solutions amid rising cyber threats like business email compromise and credential stuffing. CEO Ted Ross emphasized staying ahead of criminals exploiting stolen data from breaches. Eric Byunn from Centana Growth Partners joined the board, highlighting SpyCloud's critical role in anti-fraud efforts. The company has tracked threats like 139,000 COVID-19-related scam domains and noted increased attack surfaces from remote work. |
| Feb 2019 | Series B | M12 (lead); March Capital; Silverton Partners; Altos Ventures | $21M | - | SpyCloud raised $21 million in Series B funding on approximately February 27, 2019, led by M12 (Microsoft's venture fund), with participation from Altos Ventures, March Capital, and Silverton Partners, to revolutionize account takeover prevention. The company specializes in preventing account takeover (ATO) by protecting billions of consumer and employee accounts directly or through integrations, using award-winning solutions that proactively defeat fraud and disrupt criminals profiting from stolen data. Later developments include a $110 million growth round in August 2023 led by Riverwood Capital, comprising primary and secondary capital, to fuel global expansion and enhance authentication bypass prevention amid rising passkeys and passwordless adoption. By then, SpyCloud served over 500 market leaders, including half of the Fortune 10, thwarting cybercrimes like ransomware, ATO, session hijacking, and online fraud via its proprietary engine analyzing darknet data for automated remediation of exposed credentials and identities. The platform integrates with IAM, identity threat detection, endpoint protection, and zero trust frameworks, with SpyCloud Compass focusing on post-infection remediation for ransomware-prone assets. SpyCloud's Cybercrime Analytics (C2A) operationalizes data from breaches, malware, phishes, and underground sources to prevent attacks, safeguard identities, and support investigations, also powering dark web monitoring and identity theft protection services. Total funding reached approximately $198 million across rounds, with employee count at 234. |
| Mar 2018 | Series A | March Capital; Silverton Partners | $5M | - | SpyCloud, an Austin, Texas-based cybersecurity company founded in 2016, raised $5 million in a Series A funding round on March 27-28, 2018, from existing investors Silverton Partners and March Capital Partners. This followed a $2.5 million seed round in June 2017 from the same investors, bringing total funding to $7.5 million. SpyCloud provides account takeover prevention by identifying exposed accounts early through its database of over 32 billion exposed accounts, leaked passwords, and PII, adding billions of new data points monthly. Enterprises access this via API to detect exposures, force password changes, and remediate compromised devices before fraud occurs. The company protects tens of millions of accounts across finance, retail, and healthcare. Proceeds from the Series A funded product development, security research, database expansion, and team growth. |
| Jun 2017 | Seed | March Capital (lead); Silverton Partners (lead) | $3M | - | SpyCloud emerged from stealth in June 2017 with a $2.5 million seed round led by March Capital and Silverton Partners. The Austin-based cybersecurity company, founded in 2016, focuses on preventing account takeovers through exposed credential monitoring. SpyCloud deploys multi-tiered underground intelligence gathering to detect stolen credentials before they reach dark web markets. The seed funding supported SpyCloud's initial development of its Exposed Credential Monitoring and Alert Service, demonstrated at FinovateFall 2017 where it won Best of Show. The company built a database of 60 billion exposed credentials and PII assets, recovering 3.5 billion credential sets from nearly 3,000 data breaches in the prior year. Subsequent rounds included a $5 million Series A in early 2018 from the same investors, followed by larger raises like a $21 million Series B in 2019-2020 led by M12 with participation from Silverton and March Capital. |
Who has invested in SpyCloud?
6 investors have backed SpyCloud across its funding rounds, including Silverton Partners, March Capital, Altos Ventures, M12, Riverwood Capital and Centana Growth Partners.
Lead investors include Riverwood Capital, Centana Growth Partners, M12, March Capital and Silverton Partners.
SpyCloud Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Austin, TX | 5 | Lead | Jun 2017 | |
| Los Angeles, CA | 4 | Lead | Jun 2017 | |
| United States | 2 | Lead | Feb 2019 | |
| San Francisco, CA | 2 | Participant | Feb 2019 | |
This data is available for Pro users. Sign up to see all 6 SpyCloud 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 TrialSpyCloud Competitors
SpyCloud competitors include listed companies like CommVault Systems, BTQ Technologies, TRS Information Technology and Progress Software, and private ones like Devo and Alation.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Private | - | - | $2B | - | |
| United States | Publicly listed | $1.2B | $84M | $6.2B | 5.0x | |
 Canada | Publicly listed | $226K | ($18M) | $395M | 266.9x | |
 China | Publicly listed | $76M | ($20M) | $1.7B | 19.7x | |
| United States | Publicly listed | $978M | $302M | $1.7B | 2.9x | |
| San Francisco, CA | Private | $100M | - | $1.7B | 17.0x |
SpyCloud Public Comps
SpyCloud is still privately-owned, but its public comps include TRS Information Technology, Progress Software, CloudWalk, Secunet, CETC Cyberspace Security, Transwarp, DPtech, A10 Networks, Radware and Business-intelligence.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $76M | ($20M) | 19.3x | 19.7x | (73.5x) | 478.8x | |||
| $978M | $302M | 3.0x | 2.9x | 9.6x | 7.3x | |||
| $75M | ($75M) | 18.8x | 19.1x | (18.7x) | - | |||
| $528M | $86M | 2.8x | 2.6x | 17.3x | 16.3x | |||
| $338M | $20M | 4.5x | - | 73.6x | - | |||
| $67M | ($31M) | 27.5x | 28.0x | (59.8x) | - | |||
| $182M | $25M | 5.3x | 4.9x | 39.0x | - | |||
| $291M | $62M | 6.3x | 5.7x | 29.4x | 19.1x | |||
This data is available for Pro users. Sign up to see all SpyCloud competitors and their valuation data. Start Free Trial | ||||||||
Common questions about SpyCloud
| When was SpyCloud founded? | SpyCloud was founded in 2016. |
| Where is SpyCloud headquartered? | SpyCloud is headquartered in Austin, TX, United States. |
| Is SpyCloud publicly listed? | No, SpyCloud is a private, VC-backed company. |
| What is SpyCloud's valuation? | SpyCloud was last valued at $1.6B in its Series C in August 2020. |
| How much funding has SpyCloud raised? | SpyCloud has raised $169M across 5 funding rounds. |
| What was SpyCloud's last funding round? | SpyCloud's last funding round was a $110M Series D in August 2023, led by Riverwood Capital. |
| Who are SpyCloud's investors? | SpyCloud's investors include Silverton Partners, March Capital, M12, Altos Ventures, Riverwood Capital and Centana Growth Partners. |
| Which companies are comparable to SpyCloud? | Companies comparable to SpyCloud include Devo, CommVault Systems, BTQ Technologies, TRS Information Technology, Progress Software and Alation. |
See companies similar to SpyCloud
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.