Contrast Security Bags $150M Round
November 10, 2021
Security has closed $150M in a Series E round of funding at a greater
than billion-dollar valuation. The oversubscribed round was led by
Liberty Strategic Capital, founded by former Secretary of the Treasury
Steven Mnuchin, together with 100% participation from existing Contrast
investors Warburg Pincus, Battery Ventures, General Catalyst,
Microsoft's M-12 Fund, AXA Venture Partners and Acero Capital.
This investment allows Contrast to meet the growing demand for the
world's only platform for code security. It will also enable the company
to further gain market share with accelerated global expansion plans,
following growth in EMEA and rapid customer adoption in APAC, and
provide the company with additional flexibility to execute on strategic
opportunities and acquisitions.
Many businesses turned to digital transformation, and the development of
applications, to sustain and propel business growth and efficiency. As
organizations ramped their development efforts, 84% of developers said
they have been releasing code faster than ever before. Studies also show
code is being shipped with serious and/or critical vulnerabilities. This
led to major security breaches like SolarWinds and other successful
cyber attacks driving The White House to issue an executive order
placing strict new standards to improve the security of software.
"The global economy is running on software applications. We are now
seeing business leaders, including Microsoft and Google, commit publicly
to spend billions of dollars in order to decrease cybersecurity risks in
today's fast paced application economy," said Alan Naumann, CEO at
Contrast Security. "Supported by President Biden's recent executive
order, our customers, governments, and many of the world's largest
companies are investing in prevention and resilience against software
"Contrast not only enables development teams to keep pace but provides a
platform solution for security and operations teams alike," said Naumann.
"The new investment from Liberty Strategic Capital and all of our
existing investors further validates the universal need for improved
code security. It is an honor to have them support Contrast, especially
given Secretary Mnuchin's experience with a global approach to reduce
cyber threats. I also am pleased to welcome Secretary Mnuchin to the
Contrast Board of Directors."
Secretary Mnuchin, Founder and Managing Partner of Liberty Strategic
Capital, said: "Businesses are increasingly dependent on applications to
support their critical operations, creating strong demand for solutions
like Contrast's that help developers ensure, in real-time, that the code
underlying these applications is secure from evolving threats from
hackers and other malign actors. We believe the team at Contrast has
developed a market leading solution, and we are excited to partner with
them as they continue to innovate in the application security space."
Contrast gets secure code moving for its customer base that consists of
tens of thousands of developers at some of the largest brand-name
companies in the world, including BMW, DocuSign, AXA, Zurich, SOMPO
Japan, and American Red Cross, as well as numerous other leading global
Fortune 500 enterprises. Contrast also partners with AWS, IBM, Google,
Microsoft, and VMware to bring security into cloud applications.
Most companies today are using first generation tools and manual tests
to try and secure their code. As a result, software is being shipped
with critical vulnerabilities, and it is time to stop. The executive
order and the rapid adoption of DevSecOps transformation has increased
the demand for Contrast's approach to code security across healthcare,
financial services, government, and technology sectors. Outcomes
provided by the Contrast platform including reducing time to market,
significantly decreasing cyber risk, and increased developer efficiency,
all result in providing customers with clear competitive advantages.