WhiteSource Secures $75M
April 8, 2021
WhiteSource has raised $75 million in Series D funding led by Pitango Growth, with participation by existing investors M12,
Susquehanna Growth Equity, and 83North. This additional round brings
WhiteSource's total funding to $121.2 million.
Over the past three years, WhiteSource has seen a fivefold increase
in customers and 800% revenue growth, underscoring the enormous
demand by organizations developing software to effectively manage
their use of open source components. Given that more than 70% of
enterprise application portfolios have become more vulnerable to
attack over the past year, developers face increasing pressure to
become security experts, as companies also struggle to decide how
much security they will sacrifice in the name of speed. WhiteSource
has been bridging this gap in application security by providing its
remediation-centric solution to more than 800 companies globally,
helping organizations better protect their software applications
without affecting the speed of software delivery or its performance.
"Application security needs have gone beyond just detection to
include continuous prioritization and prevention, as demonstrated by
recent software supply chain attacks," said Rami Sass, Co-Founder
and CEO of WhiteSource. "This investment brings us closer to
creating a future where the cycle of application delivery is always
a step ahead of any security risk, and where developers are easily
equipped with code they can trust."
This round of funding also reflects the pace and scale with which
WhiteSource has been adopted globally, enabling it to become
strategically self-sufficient in financing its own growth. Named the
leader in the Forrester Wave Software Composition Analysis,
WhiteSource's auto-remediation solution for open source
vulnerabilities has proved successful within the enterprise market,
with customers including Microsoft, IBM, Comcast and Pitney Bowes.
"WhiteSource has established the standard for open-source security.
We are excited to support them as they strengthen their leadership
and expand their platform to a complete application security
solution" said Isaac Hillel, Managing Partner at Pitango Growth, who
will also be joining the WhiteSource Board of Directors. "We have
been watching their growth with great interest, and we are excited
to partner with them as they embark upon their next chapter of
WhiteSource has offices in the U.S., UK, and Israel. The company was
founded to provide a platform for collaborative open source security
at scale. Using WhiteSource's platform, organizations reduce up to
85% of security alerts by prioritizing vulnerabilities, and
auto-remediating them using community-verified fixes.
"Early on, we recognized WhiteSource as a leader in the 'shift left'
movement, helping enterprises take cybersecurity precautions earlier
in the software development lifecycle," said Mony Hassid, M12
managing director and EMEA lead. "Since our initial investment in
2017, WhiteSource has made Microsoft a customer and a go-to-market
partner with joint sales and product integrations via the M12
platform. We're proud to support WhiteSource's impressive growth and
promote their vision for automated open source security."
"In its early days, WhiteSource was part of Peregrine Ventures'
Incubator, Incentive. We'd like to thank the Israel Innovation
Authority for their support through the Incubators Program," said
Lior Shahory, GP at Peregrine and head of its incubator.
"WhiteSource is now a global leader in open source management and we
are proud of its success."