NEW YORK--(BUSINESS WIRE)--Avanan, an enterprise security provider for SaaS-based email and collaboration platforms, announced today that it has raised $25 million in Series B funding from existing investors StageOne Ventures, Magma Venture Partners and Greenfield Partners (a TPG Growth investment platform). Avanan’s customer base has increased 10-fold in the last 12 months, protecting over 1M end-user accounts in organizations across all industries, from startups to Fortune 100. Avanan plans to use the new funding to further accelerate its growth.
“We invested in Avanan because we believe the unified multi-vendor security platform is a revolutionary solution in a market that has so many point solutions,” says Yuda Doron, an investor from Greenfield Partners. “We are in the midst of the mass adoption of SaaS-based email and collaboration; every company will need to adopt a solution like Avanan, just like they needed to install antivirus on their Windows PCs.”
Avanan helps companies secure the full Office 365 suite, G Suite, Box, ShareFile, Slack and other collaboration SaaS applications from phishing attacks, malicious content, data leakage, account takeover and more. What sets Avanan apart is its multi-vendor platform, which allows customers to pick and choose security technologies from the leading vendors in the industry. Each of these vendor’s security technologies is preconfigured and activated from inside the Avanan platform with one click.
“Companies that use SaaS-based email and collaboration platforms quickly realize that hackers find ways to bypass their security. Before Avanan, the options for additional security were limited to legacy email security vendors that tried to adapt their proxy solution to the cloud,” says Avanan CEO and Co-founder Gil Friedrich. “Avanan takes a completely different approach to how we secure our customers’ environments. By connecting directly to the cloud, we not only deploy faster, we detect and block all the threats that proxies are unable to see due to their position outside the cloud. The difference to our customers is night and day.”
“Because Avanan scans after the default security but before the inbox, our anti-phishing algorithm is designed specifically to find and block the attacks Microsoft and Google miss,” adds Avanan’s Co-founder and VP of Product Roy Rotem. “This is a key reason why we have the highest phishing catch rate in the industry.”
Within the Avanan platform, customers can purchase predefined bundles containing security technologies from Avanan and Avanan’s partners, or à la carte, selecting the exact technologies and vendors they want to use in each category.
Avanan sells its solution under the Avanan label as well as through several white-label OEMs with some of the leading IT security vendors.
Avanan is the premier security solution for cloud-based email, messaging and collaboration. Deploying in minutes, Avanan’s unique, multi-vendor security solution leverages the industry’s best technologies to protect organizations from advanced threats such as phishing, malware, data leakage, account takeover, and shadow IT. Avanan sells its solution under the Avanan label as well as through several white-label OEMs with some of the leading IT security vendors.
About Greenfield Partners, a partnership backed by TPG Growth
Greenfield Partners is an early growth investment platform backed by TPG Growth, the growth equity investment arm of the private equity firm TPG. Greenfield Partners targets investments in early growth-stage Israeli related technology and tech-enabled businesses. The Greenfield Partners team on the ground in Israel applies its years of operating experience together with TPG Growth’s global network to help strengthen and grow its portfolio companies. Greenfield Partners’ investments include Avanan, BigPanda, Guardicore and Tapingo.
About StageOne Ventures
StageOne Ventures is an early stage venture capital fund managing $225 million. StageOne invests in Israeli founders of B2B companies developing breakthrough technology. Past and current seed investments include Guardium (sold to IBM), Traffix (Sold to F5), Otonomo and Avanan. The fund’s managing partners are based in Israel and Silicon Valley.
About Magma Venture Partners
Magma is Israel's leading venture capital firm specializing in early-stage investments in communication, semiconductors, internet and media. They seek bright ideas, infuse them with experience and foresight, and facilitate their rise as industry leaders that redefine the global communications sector. Current and past investments include Waze, Onavo and Magisto, among others.