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Nick StoffregenPrincipal

Portnox Raises $22 Million Growth Investment from Elsewhere Partners

Elsewhere Partners is excited to announce its $22 million Series A investment in Portnox, a proven leader in cloud-native network and endpoint security solutions based in Tel Aviv, Israel. Along with the financing, Elsewhere Partners Operating Advisor and seasoned software veteran Denny LeCompte has been appointed CEO of Portnox.

Portnox provides industry-leading network access control (NAC) solutions, including its award-winning platform Portnox CLEAR – the first and only cloud-native NAC solution. Nearly 1,000 organizations have partnered with Portnox to navigate the increasingly complex cybersecurity threat landscape. Portnox’s innoative products help organizations of all sizes to efficiently identify and mitigate the risk of sophisticated cyber threats against network-connected devices, which have proliferated in number and type due to the growth of Internet of Things (IoT) adoption, Bring Your Own Device (BYOD) policies, and remote work trends.

“The founders and their exceptional team built the only cloud-native NAC solution that can effectively meet the needs of mid-market organizations,” noted LeCompte. “I look forward to leading the company through its imminent high-growth phase as it delivers today’s network security essentials - authentication and access control, continuous endpoint risk posture assessment and compliance enforcement.”

Co-founder and former CEO Ofer Amitai will continue to lead and grow Portnox’s Israel-based engineering and international product teams as he transitions to the role of CTO. “We believe that with Elsewhere Partners’ support and the executive leadership of CEO Denny LeCompte, Portnox will be able to meet mounting demand for cloud-native NAC, while continuing to deliver the exceptional experience our customers have come to expect from our product and team,” he commented.

Prior to Elsewhere’s investment, Portnox grew organically as a bootstrapped, cash flow positive start up. With the new capital infusion, Portnox will continue to innovate and expand its market-leading network and endpoint security product suite, build out its executive team, and expand its reach globally.

For more information about the investment, read the full press release.

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About the Author

Nick Stoffregen

Nick is a Principal at Elsewhere Partners where he co-leads investment efforts in infrastructure software. Previously, Nick was a software investor at Serent Capital and consultant at Bain. Originally from Indiana, Nick is passionate about bringing capital and operational expertise to companies outside traditional venture hubs.