Nord Security

History

2022: Company valuation - $1.6 billion

On April 6, 2022, Nord Security, which develops the service of virtual private networks NordVPN, announced the attraction of $100 million from investors with a total project valuation of $1.6 billion, which makes it the second unicorn technology startup in Lithuania (worth more than $1 billion).

Founded in the Lithuanian capital Vilnius in 2012, Nord Security has 1,700 employees, and the company plans to recruit another 200 employees. Nord Security claims to be the largest technology employer in Vilnius.

VPN service became the second Lithuanian startup worth more than $1 billion

Investments in Nord Security came from Novator Ventures, Burda Principal Investments, General Catalyst and business angels, including the co-founders of the second-hand clothing market Vinted, which is the only other technology company in Lithuania, estimated at more than $1 billion.

Tom Oakman, executive director and co-founder of Nord Security, said the company is attracting funding from outside for the first time, adding that this money will help Nord Security expand its presence beyond the 20 countries in which it operates and create a wider range of products.

In addition to NordVPN, the flagship product, the company also has a password manager NordPass and a product for encrypted cloud storage NordLocker.

The company has millions of users around the world, but Oakman refused to disclose the exact number of users. He also declined to comment on the company's revenues, saying only that they had grown fivefold since 2017 and that the main markets were the United States, the United Kingdom and Germany.

Birgir Mar Ragnarsson, managing partner of Novator Partners, which joined Nord Security's board of directors, said in a statement that modern Internet security requires a completely new approach to solving the problem of secular growth of risks associated with increased data regulation and ever-increasing cyber threats.

Tom and his team have every opportunity to provide and usher in a new era of Internet security with a powerful and best-in-class set of privacy and security tools designed to protect information, accounts and the network - he said.[1]

Notes