Teleport Dials In $110M Raise
May 4, 2022
has raised $110 million in Series C funding led by Bessemer Venture
Partners with participation from Insight Partners and existing investors
Kleiner Perkins and S28 Capital. This investment brings Teleport's total
funding raised to $169 million at a current valuation of $1.1 billion,
and comes after the company nearly tripled its revenue and doubled its
customer base from 2020 to 2021.
As a part of the investment, Bessemer Venture Partners' Mary D'Onofrio
will take a seat on Teleport's board, and Insight Partners' Matt Koran
will be a board observer. In August 2021, Teleport announced its $30
million Series B round led by S28 Capital and Kleiner Perkins.
"Growing complexity of modern cloud environments has led to a situation
where managing secure access to infrastructure begins to break, as
evidenced by increased frequency and severity of breaches.," said Ev
Kontsevoy, co-founder and CEO, Teleport. "Our customers are forward
thinking organizations that are scaling quickly. They realized that the
right way to scale access is consolidation across all protocols and
environments. Our platform, the open-source Teleport Access Plane,
addresses these challenges by giving every engineer, every piece of
hardware and every application an identity. With identity based access
for everyone and everything, more security threats are neutralized and
the impact of breaches is dramatically reduced without impacting
As organizations deal with complexity because of shifts to the cloud,
modernization of IT stack and growth of mixed infrastructure
environments, Teleport's open-source Access Plane technology
consolidates the four essential capabilities every security-conscious
organization needs: connectivity, authentication, authorization and
audit. By providing the only cloud-native, identity-based infrastructure
access solution for humans and machines, Teleport eliminates network
perimeter security issues, reduces attack surface area, cuts operational
overhead, enforces security & compliance, and improves developer
productivity, all at once.
With this latest funding, Teleport will expand its go-to-market
organization to serve its fast-growing, global customer base. Teleport
will also bolster its R&D organization to solve the most complex
security challenges faced by organizations of all sizes.
"Now, more than ever, is the time to make it easy for any company to
employ world class security practices as global cyber attacks become
more and more sophisticated," said Mary D'Onofrio, partner and
co-founder of growth investment practice, Bessemer Venture Partners.
"With Teleport, security becomes stronger *and* simpler for both humans
and machines, making it possible to deploy and enforce security and
compliance best-practices throughout all organizations. We're excited to
lead this round and I am looking forward to working closely with Ev and
his team to offer elegant cybersecurity solutions to a growing customer
base of household names."
Customers including Doordash, Elastic, Nasdaq, Snowflake and others use
Teleport to secure digital infrastructure access for remote and hybrid
workforces and combat the ever-increasing cyber threats.
"Speed is key to our business. But so is security," said Luke
Christopherson, Software Engineer at Doordash. "The Teleport Access
Plane allows our engineers to securely access the infrastructure they
need to do their jobs without getting in the way of productivity.
recently announced Teleport 9, the latest edition of the open-source
Teleport Access Plane. This release introduced Teleport Machine ID which
delivers identity-based access and audit capabilities for resources
including servers and databases, CI/CD automation, service accounts and
custom code in applications such as microservices. Teleport 9 also
included Teleport Connect, a secure, developer-friendly browser for
cloud infrastructure. The browser solves the issues posed by terminals
optimized for local environments when a majority of development now
happens in the cloud.
Steven Dickens, Senior Analyst, Futurum Research commented, "As digital
transformation takes hold from the core to the edge, security becomes
more critical. The team at Teleport are focused on delivering
cloud-native, identity-based infrastructure access solutions for both
humans and machines. The announcement today take the company one step
closer to its mission of eliminating the need for secrets when accessing
infrastructure, and as a result delivering both simpler, stronger