Lithuanian Cyber firm Nord Security has raised $100 million from investors at a $1.6 billion valuation, making it Lithuania’s second tech unicorn. The company is best known for its VPN product, NordVPN, which costs around $140 a year or $12 a month.
The company has raised $100 million in a round of funding led by Novator — the European firm that’s backed Deliveroo, Stripe and Tier, among others — with Burda Principal Investments and General Catalyst, and individuals including Ilkka Paananen of Supercell, Miki Kuusi of Wolt and Matt Mullenweg of Automattic also participating. This round values the startup at $1.6 billion.
VPNs, or virtual private networks, allow users to disguise their online identity while they browse the internet. They can also help internet users access blocked websites and services. Other VPN companies include Turbo VPN and UFO VPN.
Nord Security founded in Lithuania’s capital of Vilnius in 2012, Nord Security’s team now stands at 1,700 people and it is recruiting a further 200 staff. It claims to be the biggest tech employer in Vilnius, where 500,000 of Lithuania’s 2.8 million people live.
Tom Okman, co-CEO and co-founder of Nord Security, told that this is the first time the company has taken external funding, adding the money will help Nord Security to expand its footprint beyond the 20 countries that it currently operates and build more products.
Chief Executives of video game maker Supercell, food delivery firm Wolt and web developer Automattic also joined the funding round, which made NordVPN the second tech unicorn in Lithuania.
Founded in 2012 by Tom Okman and Eimantas Sabaliauskas, Nord Security plans to use the new funds to hire more staff, invest in research and expand its product suite.