With a new $100 million Series D funding round, Crowdstrike now has its sights set on global expansion, new technologies, and new sales and marketing investments.
The funding, announced Wednesday, makes Irvine, Calif.-based Crowdstrike the latest startup to reach a valuation of more than $1 billion – a "unicorn" in Silicon Valley parlance.
The funding was led by Accel, with additional participation from CapitalG (formerly Google Capital), Warburg Pincus, March Capital Partners, and Telstra. The Series D funding adds to the $100 million the company last raised in 2015 and brings its total funding raised to $256 million.
In an interview with CRN, CEO George Kurtz said the Series D funding will allow Crowdstrike to expand globally, invest in sales and marketing, and add new partner relationships. He said Crowdstrike will also look to continue investing in engineering and technology innovation, building on the strategy it embraced in February when it repackaged its products into modules around its Falcon platform.
"It's an exciting day for us," Kurtz said. "It means additional acceleration and growth for Crowdstrike to continue on the path we've been on."
"Their ability to grow and take on additional funding to help fuel their growth is a very positive sign for us," said John Van Blaricum, vice president of global marketing at Kudelski Security, a Switzerland-based Crowdstrike partner.
He said he expects Crowdstrike's international expansion plans, where Kudelski has a strong footprint, as well as its planned investments in technology and partnerships will help add to the "high" adoption the company has seen with its clients and in its managed security services offering.
Kurtz said the funding is also a validation of the company's technology and success it has as an antivirus replacement. Crowdstrike has seen "tremendous" sales growth since its launch, with a 3-year growth rate of 2,429 percent and adding more than 400 employees in the past two years, much of which Kurtz said has been driven by massive replacements of legacy antivirus.
"People are really taking notice because we're coming out with a better solution. It's a massive market opportunity for us," Kurtz said. "Our focus on AV replacement has really come to fruition now, and we will continue to do that," Kurtz said. An example of that was the past week's WannaCry ransomware attacks, with customers protected because of the company's machine learning technology, he said.