VPN provider Nord Security has become Lithuania's second unicorn, raising $100 million at a $1.6 billion valuation after a decade of bootstrapping.
Novator Ventures led the round with participation from Burda Principal Investments and General Catalyst. The only other unicorn to hail from Lithuania is online secondhand clothes retailer Vinted, which hit a $1 billion valuation in 2019 and is now valued at €3.75 billion.
Thursday's round is the first external fundraise for the Vilnius-based internet privacy startup since it launched in 2012, putting Nord in rare company. Only a handful of European startups have reached unicorn status with their first VC round, including cloud communications provider Infobip, a Croatian startup that hit the milestone in 2020.
Nord Security is best known for its popular virtual private network; it also offers a password manager, encrypted cloud storage and network access security. The startup plans to use the funding in part to expand through acquisitions. In February, Nord Security bought consumer security company Surfshark for an undisclosed amount.
Featured image courtesy of Nord Security
This article originally appeared on PitchBook News
Nord Security jumps to $1.6B valuation with first outside fundraise
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