Today we are happy to announce the closing of $8 Million Series A financing. After talking with many venture firms in California, we decided to partner up with Toba Capital, a firm with an excellent understanding of the enterprise market and previous successful investments in security, such as MobileIron. Toba Capital leads the round with participation from our existing investors Y Combinator, Partech, Gagarin Capital, Runa Capital and others. Post funding, Wallarm welcomes Rajan Aggarwal, partner at Toba Capital and Reza Malekzadeh of Partech to our board.
We’ve made a lot of progress over the last 18 month and want to use the new investment to grow our sales and marketing teams, scale our customer care team to service Fortune 1000 accounts coming in and invest further in the security research and product technology.
“From the early days, Wallarm’s differentiation has been its ability to defend applications from real attacks, rather than checking for compliance with irrelevant security guidelines. This year we reaffirmed this strategy once again by launching our Framework for Application Security Testing (Wallarm FAST),” said Ivan Novikov, Co-founder and CEO, Wallarm. “The new funding will be used to take this new product to market, invest further into the growth of our AppSec Platform product line, and service our growing contingent of Fortune 1000 customers.”
“Many companies in Silicon Valley strive to raise vast sums of money, but strategically, we’ve decided to only raise what we need and fund the rest of our growth organically,” Novikov continued.
More information about the funding is in the press release that came out this morning: https://buff.ly/2R59cSQ