Here’s an exclusive look at the pitch deck cybersecurity startup Teleport used to raise $110 million to become the Bay Area’s latest unicorn
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- Teleport is a cybersecurity startup providing identity-based infrastructure access management.
- It raised $110 million at a $1.1 billion valuation in a deal led by Bessemer Venture Partners.
- Cybersecurity has been one of the rare bright spots this year in an otherwise gloomy venture market.
Even in this turbulent market for tech, new unicorns — companies valued at more than a $1 billion — are still being born.
The latest entrant is Teleport, an Oakland-based cybersecurity startup that provides identity-based infrastructure access management. It announced Tuesday it raised $110 million in Series C funding at a $1.1 billion valuation in a deal led by Bessemer Venture Partners.
Teleport, which was part of Y Combinator’s 2015 class, last raised a $30 million Series B round led by S28 Capital and Kleiner Perkins in August at a $430 million valuation, according to PitchBook data.
Teleport says it has nearly tripled its revenue and doubled its customer base from 2020 to 2021, bringing on marquee clients such as DoorDash, Elastic, Nasdaq, Snowflake, and Block.
“Our customers are forward thinking organizations that are scaling quickly,” Ev Kontsevoy, cofounder and CEO of Teleport said in a statement. “They realized that the right way to scale access is consolidation across all protocols and environments. Our platform, the open-source Teleport Access Plane, addresses these challenges by giving every engineer, every piece of hardware and every application an identity.”
As part of the latest deal, Matt Koran, a partner at Insight Partners, will become a Teleport board observer. Mary D’Onofrio, a Bessemer partner, will take a seat on the board.
“We’re excited to lead this round and I am looking forward to working closely with Ev and his team to offer elegant cybersecurity solutions to a growing customer base of household names,” D’Onofrio said in a statement.
Cybersecurity has been one of the rare bright spots this year in an otherwise gloomy venture market. VCs pumped nearly $6 billion into the sector in the first quarter of 2022, according to Crunchbase data. That was down significantly from the fourth quarter of 2021, but still a 50% increase from the first quarter of last year.
Here’s a look at the pitch deck Teleport used to raise $110 million.