Keeper Security closes USD60m in growth funding

Keeper Security, the provider of a cybersecurity platform for preventing password-related data breaches and cyberthreats, has closed a USD60 million minority investment by global venture capital and private equity firm Insight Partners. 

This is Keeper Security’s first equity raise since its inception.

The synergy of the Keeper Security-Insight partnership will further accelerate product innovation and development and catalyse expansion of the company’s global customer base of consumers and businesses. Following the investment, Thomas Krane, Principal at Insight Partners, will join Keeper’s Board of Directors. No other terms of this private transaction are being disclosed.

“The past four months have resulted in history’s most pervasive cybersecurity challenge. As businesses have shifted their operations online and people have adapted to remote work and social distancing, cybercriminals have executed their attacks at record rates. It’s forcing a rapid transformation and growth in the cybersecurity industry - one that is essential to safeguard people and businesses,” says Darren Guccione, CEO and Co-founder of Keeper Security. “With the support of Insight Partners and the planned synergy, we’re well-positioned to bring new, unique and increasingly critical cybersecurity solutions to new and existing customers, globally.”

Over the past year, Keeper has experienced rapid growth and expansion, adding another 120 team members and adding significantly to its global business and consumer customer footprint. Despite the global economic downturn created by COVID-19, Keeper has accelerated its growth.

“As the lines blur between where we live and where we work, businesses and consumers look to Keeper for critical cybersecurity protection. The value that Keeper provides to its customer base has never been clearer,” says Krane. “Keeper’s impressive growth and business stability, despite the global pandemic, is driven by its ability to deliver products that exceed their customers’ needs and expectations. We look forward to supporting Keeper in its continued growth.”

Millions of consumers and thousands of businesses in over 100 countries trust Keeper for password security, as well as dark web monitoring, secure file storage, single-sign on integration and security-event reporting. Keeper is consistently ranked as the top-rated password management platform on the market. Keeper has a 4.9 out of 5-star rating on the Apple App Store and 4.6 out of 5-star rating on Google Play, with over 200,000 combined reviews. Further, Keeper has received numerous industry awards and highest-ratings for its business and enterprise password management platform.

“Keeper’s award-winning, enterprise-grade security and encryption architecture combined with our best-in-class user experience is trusted by millions since Darren and I founded the company in 2011,” says Craig Lurey, CTO and Co-founder of Keeper Security. “With Insight Partners, we look forward to continuing to deliver best-in-class product innovation that addresses the needs of our business, government, and individual customers for years to come.”