Nick StoffregenPartner
Portnox Raises Series B to Revolutionize Zero Trust Security
We are thrilled to share that Portnox has raised a $37.5 million Series B funding round led by Updata Partners.
When Elsewhere invested in Portnox in 2022, we backed a clear opportunity: IT teams needed a better alternative to legacy, on-prem solutions to secure the network. The shift to distributed work has accelerated the proliferation of connected device types, the increased sophistication of cyberattacks, and the shift to zero trust. As the first cloud-native network access control (NAC) platform, Portnox was poised to disrupt an existing $12B+ market of legacy providers.
Over the past three years, we’ve partnered closely with Elsewhere’s operating advisors to support Portnox through a period of rapid growth, including CEO Denny LeCompte, Board Member Rod Favaron, COO Said Aziz, CMO Marie-Laure Carvalho, and CTO Karlo Zatylny, among others.
Fast forward to today, Portnox has grown into a next-generation unified access control platform – the Portnox Cloud – that brings together passwordless authentication, authorization, risk mitigation, and compliance enforcement for enterprise networks, applications, and infrastructure. Portnox’s focus on simplifying security and delivering best-of-breed access control solutions has resonated strongly with the market, evidenced by its nearly 1,000 global customers, 95% customer retention rate, and 4.6-star rating on Gartner Peer Insights. Over the past year, Portnox has received numerous industry accolades, including recognition from SC Media, Cyber Defense Magazine, Cybersecurity Breakthrough Awards, and SC Awards Europe.
The Series B investment will be used to accelerate product innovation, expand market reach, and further empower resource-constrained security teams with accessible, enterprise-grade zero trust security.
We are excited to continue supporting the team alongside Updata Partners, a leading technology-focused growth equity firm in Washington D.C. with over $1.5 billion in committed capital. Updata is led by an investment team averaging more than 25 years of technology experience, with a strong track record investing in high-growth B2B software and software-driven businesses.
Please read more about the Portnox investment here.
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.