Teleport Secures $110 Million in Recent Funding Round to Continue to Expand its Security Capabilities

Teleport, a provider of Identity-based Infrastructure Access Management, announced it has raised $110 million in Series C funding, enabling the company to expand its go-to-market organization to serve its fast-growing, global customer base. Teleport will also bolster its R&D organization to solve the most complex security challenges faced by organizations of all sizes.

The funding round round was led by Bessemer Venture Partners with participation from Insight Partners and existing investors Kleiner Perkins and S28 Capital.

This investment brings Teleport's total funding raised to $169 million at a current valuation of $1.1 billion, and comes after the company nearly tripled its revenue and doubled its customer base from 2020 to 2021.

As a part of the investment, Bessemer Venture Partners' Mary D'Onofrio will take a seat on Teleport's board, and Insight Partners' Matt Koran will be a board observer. In August 2021, Teleport announced its $30 million Series B round led by S28 Capital and Kleiner Perkins.

"Our customers are forward thinking organizations that are scaling quickly,” said Ev Kontsevoy, co-founder and CEO, Teleport.  “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. With identity based access for everyone and everything, more security threats are neutralized, and the impact of breaches is dramatically reduced without impacting developer productivity."

As organizations deal with complexity because of shifts to the cloud, modernization of IT stack, and growth of mixed infrastructure environments, Teleport's open-source Access Plane technology consolidates the four essential capabilities every security-conscious organization needs: connectivity, authentication, authorization, and audit, according to the vendor.

By providing the only cloud-native, identity-based infrastructure access solution for humans and machines, Teleport eliminates network perimeter security issues, reduces attack surface area, cuts operational overhead, enforces security and compliance, and improves developer productivity, all at once, according to the company.

Customers including Doordash, Elastic, Nasdaq, Snowflake and others use Teleport to secure digital infrastructure access for remote and hybrid workforces and combat the ever-increasing cyber threats.

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