The company was last valued at $438M in August 2021. Here are the top-line bullets you need to know.
Teleport, an identity-based infrastructure access management platform, has raised $110M in a Series C. The round drew participation from Bessemer Venture Partners, Insight Partners, Kleiner Perkins Caufield & Byers, and s28 Capital.
How’s the company performing?
- California-based Teleport helps software engineering teams access critical infrastructure from any location.
- The company reportedly saw its revenue increase 3x last year.
- It has been downloaded 19M times to date.
- Teleport’s customer base, which includes organizations like DoorDash, Nasdaq, Snowflake, Square, IBM, Samsung, and Elastic, nearly doubled last year.
- The startup is currently supported by a team of approximately 200 employees.
Why does the market matter?
- The global identity and access management (IAM) market is expected to reach a value of $25.6B by 2027, growing at a CAGR of 13.7%, according to Markets and Markets.
- The rising frequency and severity of data breaches and instances of identity fraud have contributed to market growth.
- Increased adoption of the hybrid cloud model amid Covid-19 has also given this market a boost.